ASC Secures $4M Refi for Milwaukee Property
The community is located in Milwaukee's Timmerman West neighborhood and includes retail space. The loan features full-term interest-only payments.
By Roxana Baiceanu
American Street Capital (ASC) arranged the refinancing of Silver Trail Apartments, a 112-unit apartment community in Milwaukee. The $3.9 million, non-recourse loan was originated by ASC President Igor Zhizhin and was placed with a correspondent DUS agency lender. The fully assumable credit structure features full-term interest-only payments. The transaction closed in June.
Located on a 7.4-acre lot at 5356 N. Lovers Lane Road, the community provides convenient access to Interstate 41 via Silver Spring Drive. The property was built in 1984 and consists of seven two-story buildings. It offers two-bedroom units ranging in size from approximately 900 square feet to 1,000 square feet as well as one retail space. Amenities include a pool, running paths, heated underground parking, park-like settings and on-site laundry facilities.
The community is 15 miles away from Downtown Milwaukee and two miles away from Timmerman Airport. The nearby area is home to several franchise dining and retail venues as well as a gym.
Image courtesy of ASC