Commercial Loan News
Park Forest Apartments
STEELHEAD CAPITAL, INC. PROVIDES $3.9 MILLION LOAN FOR PARK FOREST APARTMENTS IN OKLAHOMA CITY, OK
San Francisco, CA - May 13, 2005
Commercial Mortgage Summary:
Steelhead Capital, Inc. closed a $3.9 million loan in Oklahoma City, OK for the Park Forest Apartments property on May 13, 2005. The loan has a 10-year term, locked at 5.69% and amortized over 30 years. The loan-to-value ratio was 80% with 1.20x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to refinance this Class-C multi-family asset. This allowed the Sponsor to replace existing short-term variable rate debt with a long-term fixed rate permanent loan and hedge against rising rates. This 1974 apartment complex consists of 224 garden-style apartment units located just outside Oklahoma City.
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)