September 19, 2019
American Street Capital (ASC) secured $9.64 million in permanent debt for a 149-unit, scattered-site multifamily portfolio in the Chicago suburb of Oak Forest, IL. The loans were originated by ASC president Igor Zhizhin.
The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan with maximum proceeds and a flexible prepayment structure. In order to obtain maximum proceeds and disposition flexibility, ASC simultaneously structured three individual non-recourse loans, which were placed with a correspondent agency lender.
The portfolio is composed of three non-contiguous multifamily complexes consisting of one, two, and three-bedroom apartments. All three complexes provide additional amenities, including adequate surface parking and common laundry facilities.
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