Commercial Loan News
STEELHEAD CAPITAL PROVIDES $2.0 MILLION LOAN FOR THE SUNRISE APARTMENTS IN TACOMA, WA.
San Francisco, CA - February, 2003
Commercial Real Estate Loan Summary:
Steelhead Capital closed a $2.0 million loan for the Sunrise Apartments in Tacoma, WA through one of its correspondent relationships. The loan is a 2-year, adjustable rate mortgage priced at .5% over prime. The loan to value ratio was 65% with debt service coverage of 1.40x.
The class B property built in 1978 is comprised of 75 units. The loan was closed in less than 30 days for acquisition purposes and has no penalties for prepayment. Occupancy at close was 93%.
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)