November 14, 2019 – American Street Capital (“ASC”) announced today that it has arranged a $5.56 million permanent loan for a 62-unit multifamily complex located in Palatine, IL.
Built in 1968 and renovated in 2016, the garden style complex is composed of four buildings containing 62 units. Unit mix includes 30 two-bedroom and 32 one-bedrooms units with an average unit size of 684 square feet. Additional amenities include nine garage parking spots, 69 parking spots, and a playground located on 2.97 acres.
The sponsor, a seasoned owner operator, required maximum leverage and a non-recourse structure. Utilizing its correspondent agency relationships, American Street Capital secured the seven-year fixed term with two years of interest only on a 30-year amortization schedule.
The loan was originated by Igor Zhizhin, the President of ASC.