Chicago, IL : American Street Capital (“ASC”) announced today that it has secured a $10.24 million acquisition loan for a multifamily community located in Burbank, IL.
Built in 1983, the multifamily community consists of 27 simplex style buildings containing 173 units on 6.31 acres. The unit mix comprises of 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. Burbank is a southwestern suburb of Chicago and is approximately 15 miles from the central business district. This is the first time the property has traded since it was built.
Deshe Real Estate exclusively retained American Street Capital to source the high leverage acquisition loan for the community. ASC secured the partial recourse 7-year fixed term on a 30 year amortizations schedule with one year of interest-only payments. The loan was placed with correspondent bank.
The loan was originated by Igor Zhizhin, the President of ASC.
