Chicago & Midwest + North Side + Finance | July 7, 2022

American Street Capital arranged a cash-out refinance for a multifamily property in Chicago's Logan Square neighborhood

ASC Lines Up Cash-Out Refi for Logan Square Multifamily

American Street Capital (ASC) arranged a $3,938,000 cash-out refinance loan for a 32-unit multifamily building in Chicago’s Logan Square. The loan was originated by Igor Zhizhin, president and founder of ASC.

The sponsor, a seasoned owner operator, requested a long-term fixed loan to support his investment horizon. Zhizhin arranged the non-recourse, 20-year loan term consisting of 10-years fixed and 10-years floating on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.

Built in 1926, the building is within walking distance of the neighborhood’s shopping, dining, and entertainment. The three-story multifamily building is composed of six studios, 24 one-, and two two-bedroom apartments, with an average size of 600 square feet.

Additional amenities include secure entry, bike storage and common laundry. The asset was 100% occupied at closing.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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