January 11, 2021
American Street Capital (ASC) secured a $10.24 million acquisition loan for a multifamily community located in Burbank, IL. The loan was originated by ASC president Igor Zhizhin.
Built in 1983, the multifamily community consists of 27 simplex style buildings containing 173 units on 6.31 acres. The unit mix includes 87 one-bedroom and 86 two-bedroom units, with an average size of 952 square feet.
Additional amenities included on-site management, 300 parking spaces, in-unit mechanicals, and in-unit laundry. This is the first time the property has traded since it was built.
Deshe Real Estate retained American Street Capital to source the high-leverage acquisition loan for the community. ASC secured the partial recourse seven-year fixed term on a 30-year amortizations schedule with one year of interest-only payments. The loan was placed with a correspondent bank.
For comments, questions or concerns, please contact Paul Bubny