Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $5.760 MILLION LOAN FOR THE CORNERS APARTMENTS IN DALLAS, TX
San Francisco, CA - March 9, 2005
Commercial Loan Summary:
Steelhead Capital, Inc. closed a $5.76 million loan in Dallas, TX for The Corners Apartments property on March 9, 2005. The loan has a 10-year term, locked at 5.56% and amortized over 30 years. The loan-to-value ratio was 80% with 1.20x 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 a Class-B multi-family asset. This allowed the Sponsor to acquire the asset and fund modest repairs. This 1986 apartment complex consists of 243 garden-style apartment units located just outside the Dallas CBD. This Sponsor was a Trust that is currently managed by the Bank of Texas. This closing was unique in that it was completed in 34 days from the time of application.
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)