Commercial Loan News
Shadow Wood Apartments
STEELHEAD CAPITAL, INC. PROVIDES $2.925 MILLION LOAN FOR SHADOW WOOD APARTMENTS IN PORTLAND, OR
San Francisco, CA - March 9, 2006
Commercial Mortgage Summary:
San Francisco, CA - Steelhead Capital, Inc.closed a $2.925 million loan in Portland, OR for Shadow Woods Apartments on March 9, 2006. The loan has a 3-year term, locked at 6.50% and amortized over 30 years. The loan-to-value ratio was 75% with 1.15x 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 1977 apartment complex consists of 88 apartment units located in Portland, OR. The financing program structured for this transaction was unique in that the lender agreed to underwrite to current "market" level income and expenses given this was a purchase transaction coupled with a seasoned investor with good local operating experience. Had the loan been underwritten to historical operating figures - loan proceeds would have been significantly reduced. This new "market" underwriting approach gives seasoned operators the benefit of the doubt that they will manage the asset to a market level regardless of the property's historical performance.
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)