Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $2.82 MILLION LOAN FOR CASA PALMERAS APARTMENTS IN PALM SPRINGS, CA
San Francisco, CA - April 7, 2005
Commercial Loan Summary:
Steelhead Capital, Inc. closed a $2.82 million loan in Palm Springs, CA for Casa Palmeras Mixed-Use property on April 7, 2005. The loan has a 10-year term, locked at 6.32% for the first 3 years and amortized over 30 years. Following the initial fixed-rate period, the loan converts to a floating-rate term for the remaining 7 years. The loan-to-value ratio was 65% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships. Peter Slaugh, Principal of Steelhead Capital, is the originator of the loan.
Steelhead Capital, Inc. arranged financing for the Sponsor to refinance the Class-A mixed-use asset. This allowed the Sponsor to refinance their existing liens, while pulling cash out to improve and maintain the asset. This 1930's mixed-use asset consists of 30 apartments and 11 retail commercial units and is located in the heart of Palm Springs. This was a challenging refinance given the mixed-use nature and a limited number of lenders willing to lend on this type of asset.
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 Retail Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)