Commercial Mortgage Loan Closings
SPANISH MAIN APARTMENTS
Correspondent Lending
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 $1.52 MILLION LOAN FOR SPANISH MAIN APARTMENTS IN SAN ANTONIO, TX.
San Francisco, CA - May 30, 2003
Steelhead Capital closed a $1.52 million loan in San Antonio, Texas for Spanish Main Apartments. The loan is a 10-year, 5.35% fixed rate mortgage, amortized over 25 years. The loan-to-value ratio was 80% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Spanish Main Apartments is a 62,178 square foot, Class C facility built in 1969. The 89-unit apartment complex consists of brick and wood with amenities of a pool, laundry room, covered parking spaces and landscape with automatic sprinklers.
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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