American Street Capital’s President Igor ZhiZhin has originated a $11 million loan for a 144-unit community in Alsip, Ill., a southwest suburb of Chicago. The loan featured a three-year term at 90 percent loan-to-cost.
Crestline Villa Apartments is a 12-building property located at 4209 W. 115th St. acquired by Deshe Real Estate earlier this year. According to Horvath & Trembley, the company arranging the deal, the property sold for $12.2 million.
The community was built in 1974 and encompasses one- and two-bedroom units of 765 and 865 square feet. Amenities include 12 common laundry facilities and tenant storage units while monthly rents average nearly $1,000 according to Yardi Matrix data. Available parking totaled 288 spaces.
Crestline is situated 24 miles from downtown Chicago and only a few miles from Chicago Ridge Mall and Chicago Midway International Airport. The property can be reached via interstates 294 and 57.