Commercial Mortgage Loan Closings
DESERT PARK APARTMENTS
Multi-Family Property
A general property type or building type classification characterized by its usage for multifamily residential purposes. Subtypes include Low-Rise Garden Apartments, Mid-Rise Apartments, High-Rise Apartments, Student Housing, Military Housing, Townhouse style, Co-op, other.
STEELHEAD CAPITAL PROVIDES $8.18 MILLION LOAN FOR DESERT PARK APARTMENTS IN LAS VEGAS, NV.
San Francisco, CA
Opportunity: The borrower had the opportunity to purchase an under performing multi-family property from a larger REIT at a considerable discount. Steelhead Capital was asked to arrange financing that would provide renovation funds as well as flexibility in loan terms to convert to a fixed rate loan once the property stabilized.
Challenge: Consisting mostly of two-bedroom units, this property type was difficult to comp within the Las Vegas market, and historical performance required a leap of faith on the lender's part to project the future/stabilized value.
Solution: Steelhead Capital arranged a 3-year, interest only, floating rate loan that would fund 80% of the purchase price and 80% of the renovation budget. Steelhead Capital worked with the borrower to outline a business plan to show how the property would be transitioned within the market place to perform at a stabilized level.
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.
View previous commercial real estate loan »
Recent commercial mortgage loans »