Commercial Loan News
STEELHEAD CAPITAL, INC. CLOSED A $7MM DOLLAR LINE OF CREDIT FOR PRINCESS 2 OFFICE BUILDING IN SCOTTSDALE, AZ
Seattle, WA - February 20, 2004
Commercial Real Estate Loan Summary:
Steelhead Capital, Inc. closed a $7,000,000 Line of Credit for Princess 2 Office Building in Scottsdale, Arizona through one of its correspondent relationships on February 20, 2004. The loan was a LIBOR plus 200, adjusting monthly.
The property had undergone a Sheriff's sale and was in the process of lender foreclosure. SHC was able to facilitate a $7m LOC in 8 business days that allowed our client to gain control of the building, even though the property wasn't stabilized and highly vacant. The 47,135 sq. ft. class A property was built in 2002. The transaction closed at 65% occupancy.
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 Office Building Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)