Commercial Mortgage Loan Closings
GREYSTONE MEADOWS APARTMENTS
Apartment Building Loan
A commercial real estate loan obtained for the express purpose of building or buying an existing apartment building. Apartment building loans frequently offer special financing such that a rental apartment, office building or existing hotel can be converted into owned real estate property ownership. Special loans are used rehab the units into individually owned units within a condominium or a condo hotel.
STEELHEAD CAPITAL PROVIDES $18.6 MILLION LOAN FOR GREYSTONE MEADOWS IN FEDERAL WAY, WA
Seattle, WA - September 3, 2003
Steelhead Capital closed a $18.6 million fixed rate loan for the Greystone Meadows Apartments through one of its correspondent lender relationships on September 3, 2003. The 7-year apartment building loan is an interest only for the first three years converting to a 30-year amortization schedule for the remaining years. The loan was rate locked 90-days early at 4.54% in June for a September close. The loan-to-value ratio is 80% with debt service coverage of 1.31x.
The Class B apartment project was built in 1991 and consists of 323 apartment units. The custom-built, well-designed unique residential environment is located near the Sea-Tac Mall, Redondo Beach, I-5, airport and major shopping. At the time the loan closed, occupancy was 96%.
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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