Commercial Loan News
STEELHEAD CAPITAL PROVIDES $1.5 MILLION LOAN FOR KENTFIELD APARTMENTS IN SUNNYVALE, CA.
San Francisco, CA - March, 2003
Steelhead Capital closed a $1.5 million fixed rate refinancing for the Kentfield Apartments in Sunnyvale, CA through one of its correspondent relationships. The loan is a 5-year, 6.00 % fixed rate mortgage, converting to a 25 year adjustable rate of 3% over the 6-month LIBOR. The loan to value ratio was 60% with debt service coverage of 1.55x.
The well maintained class B property built in 1964 is comprised of 20 units. The existing loan was refinanced in order to provide cash-out to the owner. Occupancy at close was 100%.
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)