American Street Capital Secures $ 1.7 Million Acquisition Loan for No-Elevator Multi-Family Building in Aurora Sub-Market in Denver
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CHICAGO, IL – American Street Capital (âASCâ) today announced that it has secured a $ 1.7 million acquisition loan for an 18-unit multi-family building in Aurora, Co.
Located 9 miles east of downtown Denver along the I70, Aurora is Colorado’s third largest city. Built in 1969, the 18-unit multi-family elevator-free building contains a mix of 11 one and 7 two-bedroom units. Recent upgrades include a new roof, new sewer line and plumbing. In addition, the developer plans to modernize the kitchens and bathrooms to obtain higher rents. The assets were 94% occupied at closing.
American Street Capital was exclusively engaged by the sponsoring group to secure the high leverage acquisition loan for the multi-family building. Using its wide range of correspondent lender relationships, ASC arranged the non-recourse 7-year fixed term loan with only 2-year interest payments. The loan was placed with a corresponding loan agency.
The loan was initiated by Igor Zhizhin, the president and founder 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 loans 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 2020, ASC continued to expand its national presence and was named Best Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
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