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September 18, 2020 Comments Off on ASC’s Zhizhin Arranges Cash-Out for Omaha Apartments Views: 361 Chicago News, Midwest News

ASC’s Zhizhin Arranges Cash-Out for Omaha Apartments

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American Street Capital (ASC) recently arranged a $5.55 million cash-out refinance loan for a 111-unit multifamily complex located in Omaha. The loan was originated by Igor Zhizhin, founder and president of ASC.

In order to avoid agency COVID-19 reserves, ASC utilized its CMBS correspondent relationships to secure the maximum leverage 10-year fixed-rate loan with three years of interest-only on a 30-year amortization schedule. The new 10-year loan will retire the existing HUD debt on the complex.
 
Built in 1968 and located in central Omaha, the complex’s unit mix includes studio, one-, two-, and three-bedroom residences, with updated interiors and private patios or balconies. Amenities at the complex included a swimming pool, onsite laundry facilities, 94 surface parking spaces, and 74 one-car garages.
 
Market rents range from approximately $610 for one-bedroom to $900 for three-bedroom apartments. The asset was 99% occupied at closing.

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