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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.

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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).

  • ◦Acquisition
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