Commercial Loan News
STEELHEAD CAPITAL, INC. ADVISES A CALIFORNIA BASED LIMITED LIABILITY COMPANY IN THE ACQUISTION AND LOAN PLACEMENT FOR A SACRAMENTO, CALIFORNIA APARTMENT BUILDING
San Francisco, CA - April 15, 2005
Commercial Loan Summary:
Steelhead Capital, Inc. represented 2421 Marconi Avenue LLC, a Peninsula based Limited Liability Company in the acquisition of the The Palms Apartments in Sacramento, California. The 45 unit property was 95% leased and closed on April 15, 2005. The transaction was the replacement property for a 1031 exchange and closed in less than 15 days.
The Class B apartment building sold for $3,285,000. Recent improvements included exterior paint and interior remodels for over 85% of the units as well as the prior purchase of a neighboring parcel which was paved with new asphalt for additional parking. The financing structure provided for a loan with a regional correspondent lender with no pre-payment provision therefore allowing for future refinancing proceeds to be obtained. The sub-market is a mature market in the Sacramento area with increasing occupancy and rents.
A. Sean Aguilar, CCIM, provided the advisory services and was responsible for identifying the opportunity, negotiating the acquisition and structuring the debt placement. The Seller is a Central Valley Developer with a long history of repositioning value added properties and was motivated by a quick close which allowed for the Seller to acquire another property with an aggressive close. Aguilar was the lead advisor in the contract negotiations, underwriting, due diligence, and closing.
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)