News: Financial Digest
Posted: June 14, 2019
American Street Capital places $30.4 million loan for a 111-unit multifamily property in Brookline, MA
Brookline, MA American Street Capital (ASC) has arranged a $30.4 million loan for a 111-unit multifamily high rise.
Built in 1965, the 15-story multifamily tower contains a unit mix of one and two-bedroom apartments averaging 1,014 s/f.
Located west of Boston, in the affluent area, the property’s amenities include a 92 space subterranean parking garage, rooftop pool with pavilion, laundry facilities and a tenant lounge.
ASC exclusively represented the sponsor to secure the fixed rate refinance transitioning the asset out of the floating rate loan ASC originated in 2016. The loan structure featured a non-recourse 15-year fixed term with an initial eight years of interest only on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin, president of ASC and Alexander Rek, director of operations.
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