Commercial Mortgage Loan Closings
SUMMER LAKES APARTMENTS
Commercial Loan
A commercial mortgage or property loan obtained for the purpose of buying or developing commercial land or commercial real estate investment properties. Used to aquire or build office buildings, shopping centers, industrial, self-storage, hotels, and apartment buildings. May be used for short or long term goals to finance a company's funding needs primarily for working capital. May be secured by the business or by real estate as collateral. Interest rates for commercial loans are usually about a point higher than for personal mortgage loans.
STEELHEAD CAPITAL PROVIDES $14.5 MILLION LOAN FOR SUMMER LAKES APARTMENTS IN FT. LAUDERDALE, FL.
San Francisco, CA
Opportunity: Owner purchased this property at a level that was well below market, and had the opportunity to reposition and stabilize the asset. The existing debt was very expensive and was trapping significant equity upon stabilization.
Challenge: Existing lender was allowing a small window to pay-off their loan, otherwise the borrower was faced with cost prohibitive defeasance charges. Additionally, the borrower needed to unlock approximately $2.5mm in equity.
Solution: Steelhead Capital arranged a Fannie Mae loan in the amount of $14,560,000 at a rate of 6.96% to lock in a long-term rate, and cash-out his trapped equity. Now the borrower has the ability to add leverage as the property continues to perform through Fannie’s second loan program.
Steelhead Capital is a premier provider of creative financing solutions for commercial 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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