Commercial Mortgage Loan Closings
WESTWOOD PARK
NOI
Net Operating Income. The result of subtracting operating expenses from Gross Operating Income.
STEELHEAD CAPITAL PROVIDES $2.4 MILLION LOAN FOR WESTWOOD PARK APARTMENTS IN TULSA, OK.
San Francisco, CA
Opportunity: The borrower had purchased this property less than 12 months prior to this request paying cash for the property. They were able to quickly reposition the property and bring the NOI up to a market level. Steelhead Capital was asked to find fixed rate financing that allowed the borrower to completely cash out of the property.
Challenge: There were very few lenders willing to look at such a recent turn-around scenario with so few months of trailing numbers to support the new loan amount -- especially given the quality of the asset in a tertiary market such as Tulsa, OK.
Solution: Steelhead Capital approached a lender with whom they had conducted several loan transactions within the Tulsa market place, and were able to substantiate the loan request based upon local market fundamentals and the clear ramp-up of this asset. It was the track record of the borrower and Steelhead Capital's relationship with the lender that made this type of cash-out fixed rate financing available.
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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