Commercial Mortgage Loan Closings
CATHEDRAL PLACE
Class A Commercial Properties
The safest properties to invest in. High quality construction, prime location, with high end tenants.
STEELHEAD CAPITAL PROVIDES $4.95 MILLION LOAN FOR CATHEDRAL PLACE IN ST. AUGUSTINE, FL
San Francisco, CA - September 11, 2003
Steelhead Capital closed a $4.95 million loan in St. Augustine, FL for Cathedral Place. The loan is a 10-year, 6.29% fixed rate mortgage, amortized over 30 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.
The borrower purchased this historic 1928 Class A waterfront office building consisting of 35,545 square feet in 2001 for $4.2 million. After a modest renovation, Steelhead Capital, Inc. refinanced the asset with a new fixed rate loan in the amount of $4.95 million, providing 118% ROE. This loan not only allowed the borrower to cash out their original equity, but also provided 80% LTV on a product type that is typically only financed at a 75% LTV.
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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