Updated Dec 4, 2024
American Street Capital Secures $4.2M Loan For Refinancing Of 60-Unit Apartment Complex In Loves Park
6006 Elm Court
$4,200,000
Units
60
Asset Type
MultiFamily
Closing
Nov 17, 2023
About this deal
AI
American Street Capital (ASC) arranged a $4.2 million CMBS loan for the refinancing of a 60-unit apartment complex located at 6006 Elm Court in Loves Park. The multifamily property is situated in the market of Loves Park and North of Rockford.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,200,000
- Units: 60
- Address: 6006 Elm Court
- Market: Loves Park
The loan secured by a seasoned owner-operator in the market is a 10-year loan with a fixed interest rate and two years of interest-only payments. Igor Zhizhin from American Street Capital represented the owner in this transaction.
Loves Park MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.78%
Cash-on-Cash
-1.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93