Commercial Mortgage Loan Closings
MALLARD EL PASO
Correspondent Lender
A bank that accepts deposits of, and performs services for, another bank (called a respondent bank). Generally the two banks are in different cities.
STEELHEAD CAPITAL PROVIDES $6 MILLION LOAN FOR MALLARD EL PASO, LLP
Seattle, WA - April 11, 2003
Steelhead Capital closed a $6.02 million loan in El Paso, Texas for Mallard El Paso, LLP. The loan is a 10 year, 6.375% fixed rate mortgage, amortized over 25 years. The loan-to-value ratio was 65% with a 1.35x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
The Mallard El Paso property, leased to the Boeing Company, is a 273,500 square foot, Class B facility built in 1980 and renovated in 2000. With only 7 years left on the Boeing lease, Steelhead Capital was able to negotiate on behalf of the borrower a very favorable reserve requirement as well as flexible pre-payment terms.
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.
View previous commercial real estate loan »
Recent commercial mortgage loans »