Chicago, IL, March 27, 2018 --(PR.com
)-- American Street Capital (“ASC”) announced today that it has secured $3.0 million in permanent financing for a self storage portfolio located in Branson, MO.
ASC exclusively represented the sponsors to secure the loan for the self storage portfolio consisting of 5 facilities, 20 buildings, and 694 units totaling 127,449 of rentable square feet. The portfolio was over 95% occupied at the time of closing.
Acquired less than 18 months prior to the current loan, the clients were looking to secure a non-recourse cash out loan as close to their total cost basis as possible. Through its established CMBS correspondent relationships, ASC secured the loan featuring a non-recourse ten year fixed term on a 30 year schedule which included a critical future funding earn-out component that reached 95% of the initial cost basis.
The loan was originated by Igor Zhizhin, the President of ASC.
About American Street Capital
American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap.