August 27, 2019 – American Street Capital (“ASC”) announced today that it has secured $3.85 million cash-out refinance loan for a single tenant office building located in Miami, FL.
Located approximately seven miles from downtown Miami, Brickell, and Miami Beach, the office building was built in 1979 and extensively renovated in 2018 to accommodate the new tenant. The two story, 11,994 square foot building is situated on 0.73 acres with 42 surface parking spaces. The building is currently occupied by a digital marketing company with a 10-year triple net lease.
The sponsor required a substantial cash-out and no pre-payment penalty. American Street Capital worked on behalf of the sponsor to place the five year fixed loan with a 30-year amortization schedule and no pre-payment penalty with a correspondent national credit union.
The loan was originated by Igor Zhizhin, the President of ASC.