American Street Capital Arranges $7M Bridge Loan for Multifamily Property in Chicago
CHICAGO — American Street Capital (ASC) has arranged a $7 million bridge loan for the acquisition of a 45-unit multifamily property in Chicago’s Logan Square. Originally built in 1928, the asset was recently renovated. Floor plans range from one- to three-bedroom units. Amenities include a bike storage room, Wi-Fi and common laundry area. Igor Zhizhin of ASC arranged the 12-month loan with Freddie Mac. The loan was later converted to a 10-year, fixed-rate loan with a 30-year amortization schedule. The borrower was undisclosed.