Commercial Mortgage Loan Closings
110 GOUGH STREET
Mixed-Use Property
Zoning which allows for housing, retail, medical, office, or any mixture of those spaces within a given area. For example, a high-rise building with retail shops on the first two floors, office space on floors three through ten, apartments on the next ten floors, and a restaurant on the top floor would be considered a mixed use property.
STEELHEAD CAPITAL PROVIDES $1.18 MILLION LOAN FOR 110 GOUGH STREET IN SAN FRANCISCO, CA.
San Francisco, CA
Opportunity: The borrower requested a rate & term refinance, as well as the ability to pull some cash out of the property for other investment opportunities.
Challenge: This property was an older apartment building that had been converted to office with somewhat unconventional office space mostly suited for smaller professional tenants. In addition to the mixed-use aspect, there was one larger “dot-com” tenant whose lease and ultimate survival was in question – especially in a rapidly declining office market within San Francisco.
Solution: Steelhead Capital was able to structure a non-recourse, fixed rate loan through a local bank that understood the sub-market of this particular property. The borrower was able to refinance their existing debt with a long-term loan, while cashing out approximately $200k for other purposes. The real success behind this transaction was finding a lender that understood the market and still had an appetite for an older office property.
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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