CRE N Illinois

American Street Capital closes $6 million refinance for suburban storage facility

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American Street Capital has secured $6 million for the refinance of the Chicago Northside Storage property. The storage facility includes 52,800 square feet and 500 units in Wilmette, Illinois. The transaction closed in October of 2016.

American Street Capital has secured $6 million for the refinance of the Chicago Northside Storage property. The storage facility includes 52,800 square feet and 500 units in Wilmette, Illinois. The transaction closed in October of 2016.

ASC worked exclusively on behalf of the sponsors to secure a cash-out/refinance loan for the self-storage facility. The facility sits on 2.26 acres and contains a mixture of indoor and outdoor storage lockers, heated units, on-site management, elevator and more than 10 different storage options, including the ability to accommodate personal and recreational vehicles.ASC originated a 10-year fixed-term, non-recourse and fully assumable loan on a 30-year amortization schedule with a correspondent CMBS lender.

The loan was originated by Igor Zhizhin, the president of ASC.