American Street Capital Arranges $10.9M Bridge Loan for Acquisition of Apartment Complex in Alsip, Illinois
ALSIP, ILL. — American Street Capital (ASC) has arranged a $10.9 million bridge loan for the acquisition of a 144-unit apartment complex in Alsip, about 25 miles south of Chicago. Built in 1974, the 12-building complex is situated on 5.9 acres. The property features 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at the time of closing. Igor Zhizhin of ASC sourced the institutional bridge loan, which features a three-year term at 90 percent loan-to-cost. Deshe Real Estate was the borrower.