Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $3.320 MILLION LOAN FOR SU CASA ALPINE APARTMENTS IN SANTA ROSA, CA - CONDO-CONVERSION FACILITY
San Francisco, CA - February 18, 2005
Commercial Loan Summary:
Steelhead Capital, Inc. closed a $3.32 million loan in Santa Rosa, CA for Su Casa Alpine Apartments on February 18, 2005. The loan has a 2-year term, with an interest rate of 6.5% and is Interest-Only for the term of the loan. The loan-to-value ratio was 75% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to acquire the Class-C multi-family asset slated for CONDO-CONVERSION. This allowed the Sponsor to finance the acquisition and renovation of this 24-unit Class-C asset in order to convert the for-rent apartments to for-sale condominium units. The units will be priced for sale in the "affordable" price range in order to meet an underserved first-time homebuyer's market where entry level housing prices continue to exceed affordable limits within the Bay Area. The financing was unique in that it provided one facility that addressed not only the initial acquisition, but allows for additional proceeds for renovation once the property is approved by the local Planning Department for condominium use.
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)