Commercial Mortgage Loan Closings
1326 NORTH MARKET
Acquisition Loan
This is an commercial financing loan that provides development and construction loans for subdivision projects. Developers use the capital from these loans for buying real estate and prepping raw land or for building office buildings, shopping centers, hotels, industrial complexes, condominium developments, or residential home subdivisions.
STEELHEAD CAPITAL PROVIDES $5 MILLION LOAN FOR 1326 NORTH MARKET, SACRAMENTO, CA.
San Francisco, CA - May 15, 2003
Steelhead Capital closed a $5,000,000 fixed rate acquisition loan for 1326 North Market located in Sacramento, CA through one of its correspondent relationships. The loan is a 10-year, 5.57 % fixed rate mortgage, amortized over 30-years. The loan to value ratio was 67% with a debt service coverage of 1.5x.
The well-maintained class B property built in 1985 and renovated in 2000 is comprised of 86,179 net rentable square feet. The acquisition loan was closed providing a letter of credit. 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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