Commercial Mortgage Loan Closings
OCEANSIDE BEST WESTERN
Commercial Financing
Mortgage or other property loan obtained from a commercial financial banking institution. This type of financing can include private portfolio commercial mortgages as well as conduit commercial loans, business loans, construction loans and commercial lines of credit.
STEELHEAD CAPITAL PROVIDES $9.0 MILLION LOAN FOR OCEANSIDE BEST WESTERN IN SEASIDE, OR.
San Francisco, CA - September, 2002
Steelhead Capital closed a $9.0 million fixed rate commercial financing for the Oceanside Best Western in Seaside, OR through one of its correspondent lender relationships. The non-recourse loan is a 10-year, 7.75 % fixed rate mortgage amortizing over 25-years. The loan-to-value ratio is 70% with debt service coverage of 1.35x.
The Class B hotel project consists of 120 rooms situated on the Oregon coastline. The acquisition loan was closed in a challenging post 9/11 environment where hotel financings have been extremely difficult to execute. Steelhead arranged the loan in less than 35 days after approaching nearly 40 lenders and identifying 3 options.
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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