Commercial Mortgage Loan Closings
BRIDGIT AVENUE APARTMENTS
1031 Exchange
IRS rule that allows any property owner to avoid capital gains taxes on the transaction by purchasing a property of equal or greater value. Rules vary from year to year, but generally the property has to be identified within 6 months after closing on the old property.
STEELHEAD CAPITAL PROVIDES $560,000 THOUSAND DOLLAR LOAN FOR BRIDGIT AVENUE APARTMENTS
San Francisco, CA - September 17, 2003
San Francisco, CA - September 17, 2003 - Steelhead Capital closed a $560,000 fixed rate loan for a 1031 Exchange buyer for Bridgit Avenue Apartments located in Rohnert Park, CA through one of its correspondent relationships on September 17, 2003. The loan initially fixed for 5-years at 4.75% rolling to a 6 month ARM was amortized over 30-years with a corresponding term. The loan to value ratio was 60% with a debt service coverage of 1.4x.
The 10-unit class B property was built in 1960 and consists of 20% of Section 8 units with below market rents. The new owner has the ability to develop an on-site storage and therefore increase the potential income of the property. The vacancies (20%) were leased up prior to closing therefore allowing for a preferred pricing structure. The transaction closed at 100% occupancy.
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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