Commercial Loan News
STEELHEAD CAPITAL, INC. ADVISES A HAWAII BASED GENERAL PARTNERSHIP IN THE ACQUISTION AND LOAN PLACEMENT FOR A SEATTLE, WASHINGTON APARTMENT BUILDING
San Francisco, CA - January 12, 2005
Commercial Loan Summary:
Steelhead Capital, Inc. represented Kalo Terrace a Honolulu, Hawaii general partnership in its acquisition of the Clairemont Apartments in Seattle, Washington. The property sold at a 7.50% CAP rate and closed on January 12, 2005. The transaction was the replacement property for a 1031 exchange.
The 52 unit Central District apartment building sold for $3,500,000.00 with a Seller credit for a new roof and additional funding for exterior paint. The non-recourse loan of $2,350,000.00 was funded by a regional correspondent lender with a flexible pre-payment provision and allowances for secondary debt. The sub-market is experiencing positive urban renewal growth with improving demographics. The transaction closed at 93% occupancy.
A. Sean Aguilar, CCIM, provided the advisory services and was responsible for identifying the opportunity, negotiating the acquisition and structuring the debt placement. The Seller is a National Apartment REIT and responded to an unsolicited offer. Aguilar was the lead advisor in the due diligence and evaluated the property on a before tax and after tax cash flow basis for the general partnership thereby analyzing the returns on a 5 yr hold with the depreciation recaptures reflecting the new stepped-up basis.
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)