Commercial Mortgage Loan Closings
ARLINGTON FARMS 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, INC. PROVIDES $4.044 MILLION LOAN FOR ARLINGTON FARMS APARTMENTS IN WACO, TX
San Francisco, CA - November 3, 2003
Steelhead Capital Inc. closed a $4.044 million apartment loan in Waco, TX for Arlington Farms Apartments. The loan is a 10-year, 5.77% fixed rate mortgage, amortized over 30 years. The loan-to-value ratio was 75% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. refinanced the 1972 168-unit Class C student apartment complex with a 10-year fixed rate conduit loan. The borrower purchased the property in 1995 and completed over $3.2 million in renovations. This was a challenging property to underwrite, given seasonal student leasing. Steelhead Capital was able to negotiate a full loan thereby maximizing proceeds for the borrower.
Steelhead Capital is a premier provider of creative financing solutions for commercial real estate investors. Steelhead Capital brings an extensive network of lending sources, structured finance experience with a focus on 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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