CHICAGO, IL – American Street Capital (“ASC”) announced financing of a $1 million bridge loan for the acquisition of a 7-unit mixed-use building in Chicago, IL.
Located in Chicago’s North Rogers Park neighborhood, the mixed-use asset is right next to a CTA Brown Line stop and close to Lake Shore Drive. The two-story building contains 5 retail units occupied by various neighborhood merchants and two apartments.
The out-of-state seller demanded that the buyer close within 3 weeks or lose their money. The first commercial real estate buyer needed closing insurance, limited prepayment and pre-approval from a conventional lender before proceeding. The first mortgage was provided by ASC SBL in the amount of the loan requested, on the closing date of the application and without prepayment penalty. It was the first of its proprietary bridge fund launched earlier this month. ASC’s Mortgage Banking Division successfully refinanced the loan with a commercial bank correspondent in exactly 30 days with a drawdown and a 5-year term at a market competitive rate.
Both loans were issued by Igor Zhizhin, the president of ASC.
American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking firm with correspondent lending relationships specializing in securing balance sheets and CMBS loans for multi-family, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail. , offices, owned properties and traditional investment properties. With its various correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative and personalized approach to commercial real estate debt sourcing that is unique among its competitors.
Focusing primarily on the toughest transactions in the small balance segment for loans up to $50 million, ASC has built a national reputation for providing the best customer service and loan structures that historically , were exclusively available to high-balance institutional customers. Further information is available at www.amstcap.com. In 2021, ASC opened an office in Tampa, Florida and was named Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.