Commercial Loan News
Micron Office Building
STEELHEAD CAPITAL PROVIDES $8 MILLION LOAN FOR MICRON OFFICE BUILDING IN SACRAMENTO, CA
San Francisco, CA - March 23, 2006
Commercial Mortgage Summary:
San Francisco, CA - Steelhead Capital closed an $8 million loan in Sacramento, CA for Micron Office Building. The loan is a 10-year, 5.69% fixed rate mortgage, amortized over 30 years. The loan-to-value ratio was 75% with 1.20x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
The one-story 1984 Class B office building built with concrete and steel structure consists of 69,401 square feet. The Sponsor purchased the asset less than 10 months prior to this refinance, and due to their success in renegotiating a long term lease with the County of Sacramento, Steelhead Capital was able to secure long term fixed rate financing that cashed the borrower out over and above the original purchase price. The challenge in financing this property was getting a lender comfortable with a lease expiration date that coincided with the loan maturity date. Steelhead brought both Sponsor and Lender together to structure a mutually acceptable TI/LC reserve schedule.
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)