Commercial Mortgage Loan Closings
CHASE VILLAGE APARTMENTS
Amortization
Loan repayment schedule that shows how much of each monthly installment payments are applied to principle and payment applied to interest.
Amortization is the reduction of the principal of a debt in regular, periodic installments over a specified time and at a specified interest rate. Generally, amortization schedules are "front-loaded" heavily towards interest payment in the early years of the loan, then gradually shift more towards paying more towards principle.
STEELHEAD CAPITAL PROVIDES $28.6 MILLION LOAN FOR CHASE VILLAGE APARTMENTS IN EUGENE, OR.
Seattle, WA - April 21, 2003
Steelhead Capital closed a $28.6 million fixed rate loan for the Chase Village Apartments through one its correspondent lender relationships on February 3, 2003. The loan is a 7-year, 5.3 % fixed rate mortgage, interest-only for three years, converting to a 30-year amortization schedule for the remaining four years. The loan-to-value ratio is 78% with debt service coverage of 1.35x.
The Class A apartment project was built in 1991 and consists of 534 apartment units. Located within close proximity to the University of Oregon, this student project offers a complete amenity package consisting of 2 pools, spa, fitness center, sand volleyball courts, as well multiple basketball courts. At the time the loan closed, occupancy was 97%.
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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