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.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
Connect With American Street Capital
Get CRE News in 150 words For comments, questions or concerns, please contact Paul Bubny
Tags: Apartments & Multifamily, Broker, Financing
Submit a Press Release
Get Connect Daily
Connect Conferences