Commercial Mortgage Loan Closings
WALGREENS
Net-Net-Net Lease (NNN)
Also known as "triple-net lease." A lease in which the tenant pays rent, all taxes, insurance, and maintenance costs.
STEELHEAD CAPITAL, INC. PROVIDES $3.203MM DOLLAR LOAN FOR WALGREENS IN SAN ANTONIO, TX.
Seattle, WA - January 2, 2004
Steelhead Capital, Inc. closed a $3,203,000 refinance of Walgreens located in San Antonio, TX through one of its correspondent relationships on January 2, 2004. The loan was a 10-year fixed at a 5.90% rate amortized over 24-years. The loan to value ratio was 65% with a debt service coverage of 1.30x.
As the national retail pharmacy chain, Walgreens pioneered many store features over the last two decades that are becoming standards in the industry. This 14,490 square feet freestanding drugstore built in year 2002 offers a drive-thru pharmacy.
Although typical leases terms are NNN, this particular Walgreens has a NN lease in place, and Steelhead Capital was able to negotiate very favorable terms on this retail property loan due to borrower's and tenant strength.
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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