Commercial Loan News
STEELHEAD CAPITAL PROVIDES $13.16 MILLION LOAN FOR THE ISLAND CLUB APARTMENTS IN LAS VEGAS, NV.
San Francisco, CA - January 10, 2002
Commercial Real Estate Loan Summary:
Opportunity: The borrower was able to purchase a well-run Class C/B asset in Las Vegas below market. The property had not been exposed to the open market, so the borrower needed to work quickly to close the transaction.
Challenge: The terrorist attack of 9/11 hit just prior to this deal going to final loan committee. Steelhead Capital was originating this loan for a large Fannie Mae DUS lender, and was told at the last hour that this particular DUS lender was no longer able to lend in the Las Vegas market under the terms listed on the application. Las Vegas was and still is on a national "watch list". This made it very difficult to convince the lender that 80% LTV still made sense for the market area.
Solution: Steelhead Capital worked closely with the borrower, seller and new DUS lender to "fast-track" this loan request in a time of grim economic uncertainty. The property's occupancy did, in fact, decline after the 9/11 fall-out, but then rebounded back to its original level. The success of this transaction took the collective effort of all parties involved to demonstrate the property's stable position with in the marketplace, as well as verify the Vegas market recovery. 80% LTV in Vegas is not an easy task in the current economic climate.
Steelhead Capital is a premier provider of creative commercial loan 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 offices are located in San Francisco, CA. Company information can be found at Steelhead Capital Commercial Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)