CHICAGO, IL – American Street Capital (“ASC”) today announced that it has closed a $3,080,000 refinance bridge loan for a 100-unit multifamily building in Shaker Heights, OH.
Shaker Heights is an affluent suburb of Cleveland located east of the city limits. The building is within walking distance of Shaker Square, a shopping, dining and entertainment district. The six-story mid-rise multi-family building is comprised of 30 studios and 70 one-bedroom apartments, with an average size of 576 square feet. Common facilities include an elevator, shared laundry, 82 parking spaces and on-site security.
The sponsor, an active owner-operator, requested a highly leveraged, short-term loan to update the asset before contracting it into long-term permanent debt. American Street Capital arranged the 18-month interest-only loan, which provided the proceeds needed to make the desired improvements. The loan was placed with a corresponding debt fund.
Kyle Tyrrell, senior vice president of ASC, is behind the loan.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking firm with correspondent lending relationships specializing in securing balance sheets and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail. , offices, owned properties and traditional investment properties. With its various correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative and personalized approach to commercial real estate debt sourcing that is unique among its competitors. Focusing primarily on the toughest transactions in the small balance segment for loans up to $50 million, ASC has built a national reputation for providing the best customer service and loan structures that historically , were exclusively available to high-balance institutional customers. Further information is available at www.amstcap.com. In 2021, ASC opened an office in Tampa, Florida and was named Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.