Commercial Mortgage Loan Closings
SUNRISE APARTMENTS
Class B Commercial Properties
Second-tier properties for investors. Medium quality construction, so-so location, checkered tenants.
STEELHEAD CAPITAL PROVIDES $2.0 MILLION LOAN FOR THE SUNRISE APARTMENTS IN TACOMA, WA.
San Francisco, CA - February, 2003
Steelhead Capital closed a $2.0 million loan for the Sunrise Apartments in Tacoma, WA through one of its correspondent relationships. The loan is a 2-year, adjustable rate mortgage priced at .5% over prime. The loan to value ratio was 65% with debt service coverage of 1.40x.
The Class B property built in 1978 is comprised of 75 units. The loan was closed in less than 30 days for acquisition purposes and has no penalties for prepayment. Occupancy at close was 93%.
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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