February 6, 2020
American Street Capital (ASC) secured a $10.92-million bridge loan for a 144-unit multifamily complex in Alsip, IL, about 25 miles southwest of downtown Chicago. The loan was originated by ASC president Igor Zhizhin.
Deshe Real Estate, the property’s owner-operator, requested a high-leverage bridge loan to implement its value-add strategy and capitalize on below-market rents. ASC was able to source a non-recourse, interest-only, institutional bridge loan with a three-year term at 90% loan-to-cost. The loan was placed with a correspondent balance sheet lender.
Built in 1974, the 12-building Alsip complex is situated on 5.87 acres and consists of 72 one-bedroom and 72 two-bedroom apartments. Amenities included 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95% occupied at closing.
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