ASC Arranges $17.27M Bridge Loan for Multifamily Community in Jonesboro, GA
Summary
A repeat, well established sponsor required a high leverage, non-recourse acquisition and rehab bridge loan with an assured execution within 45 days of going under contract to meet the seller’s timeline and preserve the non-refundable deposit. ASC successfully sourced the high-leverage, non-recourse bridge loan that was competitively priced, included a three year interest only term and supported the sponsor’s entire capital improvements plan including rebuilding the burned down building.The loan structure reinforced the sponsor’s business plan to provide extensive upgrades to the common areas and in-unit amenities to establish Flint River Apartments as the preferred living destination in that community. Planned improvements include an upgraded leasing office, market competitive fitness center, and a higher end amenity package for all residential units. Thorofare Capital, Inc., is an affiliate of alternative investment manager Thorofare LLC, is a national, vertical-integrated commercial real estate debt fund manager.The bridge loan was originated by Igor Zhizhin, the President and Founder of ASC.About American Street CapitalAmerican 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.
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