Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $3.203MM DOLLAR LOAN FOR WALGREENS IN SAN ANTONIO, TX.
Seattle, WA - January 2, 2004
Commercial Real Estate Loan Summary:
Steelhead Capital, Inc. closed a $3,203,000 refinance of Walgreens located in San Antonio, TX through one of its correspondent relationships on January 2, 2004. The loan was a 10-year fixed at a 5.90% rate amortized over 24-years. The loan to value ratio was 65% with a debt service coverage of 1.30x.
As the national retail pharmacy chain, Walgreens pioneered many store features over the last two decades that are becoming standards in the industry. This 14,490 square feet freestanding drugstore built in year 2002 offers a drive-thru pharmacy.
Although typical leases terms are NNN, this particular Walgreens has a NN lease in place, and Steelhead Capital was able to negotiate very favorable terms due to borrower's and tenant strength.
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 offices are located in San Francisco, CA and Seattle, WA. Complete company information can be found at SteelheadCapital.com.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)