Built in 1967, the two-story California-style multi-family building is located in the Ocean Ridge neighborhood, close to the Atlantic Ocean. The building unit mix consists of 20 1-bedroom units and four 2-bedroom units. Additional amenities include private screened balconies, 36 above-ground parking spaces, storage lockers and on-site laundry facilities. The building was 100 percent occupied at closing.

The sponsors demanded a substantial cash-out and were looking to capitalize on historically low interest rates. Using its correspondent agency relationship, American Street Capital arranged the 20-year non-recourse loan term consisting of 5 fixed years and 15 floating years with one year of interest-only payments.

The loan was initiated by Igor Zhizhin, the founder and president of the ASC.

About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial mortgage bank with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, mixed-use, student housing, mobile home parks, assisted living facilities, hotels, retail, offices, owner-occupied properties and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative and personalized approach to sourcing commercial real estate debt that is unique among its competitors. By focusing primarily on the most difficult transactions in the small balance segment for loans up to $ 50 million, ASC established a nationwide reputation for providing the best customer service and loan structures that were historically exclusively available. for high-balance institutional clients. More information is available at www.amstcap.com. In 2019, ASC celebrated its 10th anniversary and was named Best Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.