Commercial Loan News
STEELHEAD CAPITAL PROVIDES $28.6 MILLION LOAN FOR CHASE VILLAGE APARTMENTS IN EUGENE, OR.
Seattle, WA - April 21, 2003
Commercial Real Estate Loans Summary:
Steelhead Capital closed a $28.6 million fixed rate loan for the Chase Village Apartments through one its correspondent lender relationships on February 3, 2003. The loan is a 7-year, 5.3 % fixed rate mortgage, interest-only for three years, converting to a 30-year amortization schedule for the remaining four years. The loan-to-value ratio is 78% with debt service coverage of 1.35x.
The Class A apartment project was built in 1991 and consists of 534 apartment units. Located within close proximity to the University of Oregon, this student project offers a complete amenity package consisting of 2 pools, spa, fitness center, sand volleyball courts, as well multiple basketball courts. At the time the loan closed, occupancy was 97%.
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)