Chicago, IL – American Street Capital announced that it has arranged a $30.4 million loan for a 111-unit multifamily high rise located in Brookline, MA.
Built in 1965, the 15-story multifamily tower contains a total of 111 units with a unit mix of one- and two-bedroom apartments averaging 1,014 square feet. Located immediately west of Boston, in the affluent Brookline area, the property’s amenities include a 92 space subterranean parking garage, rooftop pool with pavilion, laundry facilities and a tenant lounge.
ASC exclusively represented the sponsor to secure the fixed rate refinance transitioning the asset out of the floating rate loan ASC originated in 2016. The loan structure featured a non-recourse 15-year fixed term with an initial eight years of interest only on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin, the President of ASC and Alexander F. Rek, the Director of Operations.
American Street Capital is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, 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.