Commercial Loan News
STEELHEAD CAPITAL, INC. TRANSACTIONAL MANAGEMENT SERVICES CLOSES A CONDUIT LOAN ASSUMPTION IN 45 DAYS FOR A SINGLE TENANT PROPERY NET LEASED TO PIER 1 IMPORTS IN CHESAPEAKE, VA
San Francisco, CA - February 15, 2005
Commercial Mortgage Loan Summary:
Steelhead Capital, Inc. represented a Limited Liability Company based out of Troy, Michigan in its $2.21 million acquisition of a Pier 1 Imports in Chesapeake VA. The property sold at a 7.50% CAP rate and closed on February 15, 2005. The transaction was the fifth transaction between the private LLC and Steelhead Capital.
The 9,576 sq. ft. single tenant retail center is strategically located on an out parcel in front of the Simon owned Chesapeake Square Mall. Tenants include Target, Sears, JCPenneys and Dillard's to name a few. The absolute net lease has 9 years remaining with in-place rents below market. A formal loan assumption was done in less than 45 days.
A. Sean Aguilar, CCIM, provided the advisory services and was responsible for identifying the opportunity, structuring the acquisition and expediting the loan assumption. The Seller is a Northern California Private REIT and would only sell the property if the transaction closed in 45 days. Steelhead Capital interacted at a very high level with multiple Loan Servicers, Lender Loan Counsel, Buyer's Counsel, Lender, Escrow and Title. It was an unprecedented level of cooperation by all parties.
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)