Chicago, IL – September 20, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $2 million loan for the acquisition of a 42-unit multifamily located in Moline, IL.
Moline is located on the border of Illinois and Iowa in the Quad cities. The four-story building was built in 1965 and contains 16 one-, and 26 two-bedroom apartments with an average size of 822 square feet. The building features an underground parking garage containing 20 spaces, 50 outdoor spaces, onsite laundry, and an elevator. The asset was over 97 percent occupied at closing.
The loan was structured with a 12-year term consisting of an initial 5 years of interest-only payments. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was originated by Alexander F. Rek, a Principal of ASC.
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 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. Further information is available at www.amstcap.com. In 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.