July 30, 2020
American Street Capital (ASC) secured a $6.6-million cash-out refinance loan for a 60-unit multifamily building in Naperville, IL. The loan was originated by ASC founder Igor Zhizhin.
The sponsor group, a longstanding ASC client, requested a high-leverage cash-out in order to facilitate a partner buyout. Due to the COVID-19 principal and interest reserves required by the government agencies, ASC redirected the loan from an agency to a CMBS lender. ASC was able to secure the non-recourse 10-year fixed loan on a 30-year amortization without any additional reserves or holdbacks.
Built in 1986, the three-story complex consists of 60 two-bedroom and two-bathroom apartments with an average unit size of 1,082 square feet.
Additional amenities include 127 parking spaces and common laundry facilities. The asset was 100% occupied at closing.
For comments, questions or concerns, please contact Paul Bubny