Commercial Mortgage Loan Closings
KENTFIELD APARTMENTS
Fixed Interest Rate Mortgage
A mortgage loan in which the interest rate is not subject to change -- it is locked in permanently.
STEELHEAD CAPITAL PROVIDES $1.5 MILLION LOAN FOR KENTFIELD APARTMENTS IN SUNNYVALE, CA.
San Francisco, CA - March, 2003
Steelhead Capital closed a $1.5 million fixed rate refinancing for the Kentfield Apartments in Sunnyvale, CA through one of its correspondent relationships. The loan is a 5-year, 6.00 % fixed rate mortgage, converting to a 25 year adjustable rate of 3% over the 6-month LIBOR. The loan to value ratio was 60% with debt service coverage of 1.55x.
The well maintained class B property built in 1964 is comprised of 20 units. The existing loan was refinanced in order to provide cash-out to the owner. Occupancy at close was 100%.
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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