ASC Arranges $3.5M Bridge Loan for Acquisition of 25,000 SF Office Building in Chicago
CHICAGO — American Street Capital (ASC) has arranged a $3.5 million bridge loan for the acquisition of a 25,000-square-foot office building in Chicago’s River North neighborhood. Built in 1920, the five-story building is currently vacant and in need of repairs. The buyer plans to renovate the property to include modern floor plans and amenities for tenants. Igor Zhizhin of ASC arranged the floating-rate loan, which features a full term 18 month interest reserve. A commercial bank provided the loan.