Igor Zhizhin Of American Street Capital Secures $10.6M Refinance For Chicago Office Property
1550 West Carroll Avenue
$10,600,000
$117/SF
Building Size
90,000 SF
Asset Type
Office
Closing
Sep 13, 2024
AI
The transaction involved a 90,000-square-foot flex office property located at 1550-1556 West Carroll Avenue in the Chicago market. The refinancing loan amount secured was $10,600,000 for this asset, which features office, warehouse, and showroom spaces along with extensive amenities.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,600,000
- Loan Type: Refinance
- Loan Terms: 10-year
- Broker: Igor Zhizhin - American Street Capital
Igor Zhizhin represented the interests of American Street Capital, which arranged the refinancing through a commercial bank for the renovated building in Chicago's Fulton Market area.
Chicago Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93