American Street Capital (ASC) arranged a $12-million cash-out financing for a 39-unit mixed-use building in the North Side’s Lakeview neighborhood. The loan was originated by Igor Zhizhin, president and founder of ASC.
ASC leveraged its extensive correspondent lender relationships to create a competitive environment for its sponsor to secure the highest proceeds and best rate and term. The loan was structured with a partial recourse five-year fixed term, sub-4% interest rate on a 30-year amortization schedule. The loan was placed with a national bank lender.
Built in 2019, the mixed-use asset consists of two retail spaces and 37 apartments. In 2015, the Transit Oriented Development ordinance was passed in Chicago and allowed developers to decrease or even eliminate parking requirements for new developments within 1,320 feet of a mass transit hub. This development was among the first in the immediate submarket to capitalize on the new zoning.
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).