July 14, 2020
American Street Capital (ASC) secured a $4.95-million permanent acquisition loan for an 85-unit multifamily building in Marquette Park. The loan was originated by Igor Zhizhin, ACS’s founder and president.
Encompassing an entire block of Marquette Avenue, the three-story courtyard-style multifamily building at 3000 Marquette Ave. was constructed in 1928 and renovated in 2019. It is located on Chicago’s Southwest side in close proximity to public transportation and Chicago’s Midway airport.
The building’s unit mix consists of 74 one-bedroom and 11 two-bedroom apartments with a combination of market and subsidy tenants. The asset was 92% occupied at closing.
The buyer, an experienced local owner-operator, requested a maximum-leverage acquisition loan in a challenging neighborhood during the ongoing COVID-19 pandemic. Utilizing its correspondent agency relationships, ASC was able to secure a high leverage, 20-year term consisting of five years fixed and 15 years floating with one year of interest-only.
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