Commercial Mortgage Loan Closings
LANAI PACIFICA APARTMENTS
Investment Property
Property that is bought for the purpose of real estate investment property, which is to generate income. Not owner-occupied, although a duplex could be occupied by an owner in one unit. Usually tenant-occupied.
STEELHEAD CAPITAL PROVIDES $3.7 MILLION LOAN FOR LANAI PACIFICA APARTMENTS IN STOCKTON, CA
San Francisco, CA - September 30, 2003
Steelhead Capital closed a $3.7 million loan for Lanai Pacifica Apartments in Stockton, CA through one of its correspondent relationships. The loan was a 5-year fixed rate at 5.41%, converting to an adjustable at 240 over the 12-MAT index amortized over 25 years. The loan to value ratio was 73% with a debt service coverage of 1.34x.
The class B investment property, built in 1963 is comprised of 105 apartment units. As a gated community, Lanai Pacifica offers enhanced security, two swimming pools, a playground, and is situated in a park-like setting. The commercial real estate property is conveniently located near Pacific Avenue and has easy access to the up-scale Lincoln Center, and numerous other shopping, dining and entertainment opportunities. Occupancy at close 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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