Commercial Mortgage Loan Closings
MARION MANOR
Equity
Market value of a real estate investment property minus any mortgage balances or liens against it.
STEELHEAD CAPITAL PROVIDES $6.4 MILLION LOAN FOR MARION MANOR APARTMENTS, LAS VEGAS, NV.
San Francisco, CA
Opportunity: The borrower was able to purchase this Class-C property for $5,500,000 to execute a “value-added” repositioning strategy.
Challenges: The asset was clearly mismanaged with high economic vacancy, extensive deferred maintenance and a transient tenant profile. Vegas poses several concerns for most lenders and the asset was in need of a high level of “hands-on” management.
Solution: Steelhead Capital placed an 80% acquisition and rehab loan, enabling the borrower to execute their repositioning strategy. Steelhead Capital then refinanced the existing loan with permanent fixed-rate financing that allowed the borrower to cash-out 108% of their original equity investment.
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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