Commercial Loan News
STEELHEAD CAPITAL, INC. REPRESENTED CARMEL VENTURES IN A $1.865MM PURCHASE MONEY MORTGAGE OF A MAX & ERMA'S RESTAURANT IN CINCINNATI, OH
San Francisco, CA - April 16, 2004
Commercial Restaurant Loan Summary:
Steelhead Capital, Inc. closed a $1,865,000 loan for Carmel Ventures in its acquisition of Max & Erma's Restaurant in Cincinnati, OH through one of its correspondent relationships on April 16, 2004. The loan is initially fixed for 5-years with a 5-year reset at 5.95% interest rate amortized over 20-years with a flexible pre-pay. The loan to value ratio was 72% with a debt service coverage of 1.15x.
Max & Erma's Restaurants Inc. signed an absolute net lease with a primary term of 20 years with increases. Regional retail development, major employment centers, recreational areas, theatres, colleges and universities surround the one-year old 5,700 sq. ft. single-tenant retail property. The area is experiencing solid growth with excellent demographics.
A. Sean Aguilar, CCIM, was responsible for the loan placement, negotiating the terms and advising on the Single Tenant transaction.
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 Restaurant Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)