ASC Places Financing for Kenosha Apartment Portfolio
American Street Capital (ASC) recently arranged an $8.02-million acquisition loan for a 108-unit multifamily portfolio in Kenosha, WI, which in recent years has become a Midwest fulfillment and distribution hub for Amazon. Igor Zhizhin, the founder and president of ASC, originated the loan.
ASC was engaged to place the acquisition financing for the portfolio. The loan was structured with a non-recourse, seven-year fixed term with two years of interest-only payments on 30-year amortization schedule. The loan was placed with a correspondent agency lender.
Built in the early 1970s, the portfolio consists of townhouse and center entrance buildings with a unit mix of one-, two- and three-bedroom apartments. Both complexes’ amenities include separately metered mechanicals, abundant parking, laundry facilities and secured entry. Due to the scarcity of workforce housing in the area, both complexes were more than 95% occupied at closing.