Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
ASC Places Permanent Loan for Alsip Multifamily
American Street Capital (ASC) secured an $11.45-million permanent loan for a 144-unit multifamily complex in Alsip, IL, approximately 24 miles from downtown Chicago. The loan was originated by Igor Zhizhin, president of ASC.
The sponsor, a seasoned owner operator, acquired the asset in the first quarter of 2020 and immediately began implementing his value-add strategy. After completing the reposition, the sponsor exclusively retained ASC to secure the permanent loan.
ASC structured the cash-out refinance with a partial recourse, five-year fixed term on a 30-year amortization schedule. The loan was placed with a correspondent bank.
Built in 1974, the 12-building complex is situated on 5.87 acres and consists of 72 one-bedroom and 72 two-bedroom apartments. Amenities include 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 94% occupied at closing.
- ◦Financing
