Commercial Mortgage Loan Closings
ADOBE VILLAS APARTMENTS
Portfolio Income
Sum total of passive income received from all assets owned, such as real estate investment property.
STEELHEAD CAPITAL PROVIDES $4.32 MILLION LOAN FOR ADOBE VILLAS APARTMENTS IN LAS VEGAS, NV.
San Francisco, CA
Opportunity: The borrower was able to purchase this recently renovated and stabilized asset to diversify their apartment building portfolio and participate in the Las Vegas multi-family market that continues to realize rental growth.
Challenge: This purchase represented the largest asset in the borrower’s portfolio in a market that was outside of their Southern California presence. Additionally, the property was just beginning to see its NOI stabilize after dramatic improvements to the property and management by the former owner. Steelhead Capital had to justify the 80% LTV with only a few months of recently stabilized Income and Expenses.
Solution: Steelhead Capital was able to arrange through the existing lender a long-term fixed rate loan for the borrower. Due to the lender’s familiarity with the property and the supporting market comps, Steelhead Capital worked with the borrower to present a business plan to the lender to demonstrate the borrower’s ability to operate this size asset in a new market area.
Steelhead Capital is a premier provider of creative financing solutions for commercial real estate loans. Steelhead Capital brings an extensive network of loan sources, structured finance experience with a focus on commercial real estate acquisitions, and a clear commitment to personalized customer service to investors financing properties in any of the 50 states. Steelhead Capital's corporate offices are located in San Francisco, CA.
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