Commercial Loan News
The Mansions at Coyote Ridge
STEELHEAD CAPITAL, INC. PROVIDES $91,500,000 LOAN & $4,000,000 MEZZ LOAN FOR THE MANSIONS AT COYOTE RIDGE AND RIDGEVIEW RANCH APARTMENTS IN PLANO & CARROLLTON, TX
San Francisco, CA - May 6, 2005
Commercial Loan Summary:
Steelhead Capital, Inc & HFF, LP. closed two senior loans totaling $91,500,000 million along with a $4,000,000 mezzanine secondary loan in Plano, TX and Carrollton, TX for The Mansions at Coyote Ridge and The Mansions at Ridgeview Ranch Apartments on May 6, 2005.
The senior loans rate locked at 5.37% with a 10-year term amortized over 30 years. The total financing represented very aggressive leverage for the purchase of the two Class A properties. Steelhead Capital participated in arranging the financing through one of its key lending relationships.
Ridgeview Ranch Apartments
Steelhead Capital, Inc. and HFF, LP. arranged financing for the Sponsor to acquire the two Class-A apartment complexes comprised of 1,076 units. The Mansions properties offer residents a best-of-class amenities package including concierge services, business centers, several resort style pools, multi-media and game rooms, state-of-the-art fitness facilities, a wide variety of sports courts as well as gated access. These communities are thought to be two of the highest quality apartment properties in the country.
Steelhead Capital, Inc, and HFF worked in partnership to structure first loans for both assets as well as offering mezzanine financing on one of the projects to bridge the equity requirement. This was a complex transaction given the tight timing requirement, the size of the loans and the need to negotiate mezzanine financing in conjunction with the senior lender.
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)