American Street Capital arranges $4.5M financing for a 908-unit multi-family property in Chicago, IL
[{"id": "cpqeqof", "text": "Who was the lender? What kind of rate/term? ", "replies": [], "depth": 1}, {"id": "cpqg3ps", "text": "What's the LTV because $5,000 per unit is pretty friggin light. ", "replies": [{"id": "cpqkgt0", "text": "Yeah that reads like a great place to get shot", "replies": [{"id": "cpqn4up", "text": "/r/chicago came through with the complex  \nhttps://www.reddit.com/r/chicago/comments/30aeyn/hey_chicago_any_idea_what_this_apartment_complex/cpqljb0", "replies": [{"id": "cpqniif", "text": "cool thanks.  Sounds like a weird ass deal.  Is it common for housing authorities to master lease blocks of units like that?  I've never seen or heard of that.  Specially for only 5 years.  I sweated a little just reading that trying to think about what a fucking nightmare it would be to clear those tenants.  How does that even work, is it basically like you are inheriting units with an expired HAP?", "replies": [{"id": "cpqps3v", "text": "No idea. Public housing in Chicago is something that I only watch documentaries about. ", "replies": [], "depth": 5}, {"id": "cprbqr9", "text": "Usually master lease deals are a bit longer than 5 years, but not always. They are somewhat common in Chicago, particularly if you know someone (like everything else in Chicago). I've seen master leases on small apt bldgs, even as few as 16 units, but typically they happen in larger projects where a small portion are leased to CHA or IHDA to provide affordable housing. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cpqh1vl", "text": "WTF?  $4.5 million?  How are they going to finance the other 858 units?", "replies": [], "depth": 1}]