June 1, 2019
Chicago-based American Street Capital (ASC) arranged a $30.4 million loan for a 111-unit, high-rise multifamily property in Brookline, MA. Built in 1965, the 15-story tower includes a mix of one and two-bedroom apartments averaging 1,014 square feet.
The asset is located immediately west of Boston in an affluent area. The property’s amenities include a 92-space subterranean parking garage, rooftop pool with pavilion, laundry facilities and a tenant lounge.
American Street exclusively represented a family office sponsor to secure the fixed rate refinance, transitioning the asset out of the floating rate loan ASC originated in 2016. The loan structure featured a non-recourse 15-year fixed term with an initial eight years of interest only on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was co-originated by ASC’s Igor Zhizhin and Alexander F. Rek.
Connect Apartments is planned June 20th in Los Angeles. You can get more information and register to attend on this link.
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