American Street Capital has arranged $1.5 million in financing for a 57-unit multifamily property in Chicago known as Winthrop Place. The transaction closed in March. The loan was originated by ASC President Igor Zhizhin.
Winthrop Place is located at 1111 W. Hollywood Ave., in the Edgewater neighborhood, just a few steps from Granville Red Line Station and approximately 10 miles from downtown Chicago. The 1968-built property consists of 16 studios and 41 one-bedroom units. Common area amenities of the five-story building include laundry facilities and 37 parking spaces.
ASC exclusively represented the sponsor to secure the cash-out refinance loan, with a 15-year fixed term, non-recourse, fully assumable structure on a 30-year amortization schedule with a correspondent agency lender.
Image courtesy of Yardi Matrix