October 31, 2019
American Street Capital (ASC) arranged $13.62 million in permanent debt for a 20-building multifamily portfolio across the South Side. The 214-unit portfolio is located in various neighborhoods such as Bronzeville, Kenwood and South Shore.
The sponsor, a Chicago based REIT, originally acquired the assets distressed and completed substantial capital improvements to lease-up and stabilize the properties. The portfolio includes a mix of market-rate and subsidized and was over 95% occupied at closing.
Due to programmatical guidelines, the portfolio was separated into three separate loans based on the geography and size of the buildings. Each loan was structured with a 12-year fixed term, which included five years of interest only on a 30-year amortization schedule. The loans were placed with a correspondent agency lender.
The loans were co-originated by ASC’s Igor Zhizhin and Alexander F. Rek.
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