Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $1.943 MILLION LOAN FOR MEDITERRANEAN MANOR APARTMENTS IN BEAVERTON, OR
San Francisco, CA - May 14, 2004
Commercial Real Estate Loan Broker Summary:
Steelhead Capital Inc. closed a $1.943 million loan in Beaverton, OR for Mediterranean Manor Apartments. The loan has a 15-year term, locked at 4.24% for the first 3 years and amortized over 30 years. The loan-to-value ratio was 75% with 1.20x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships. Peter Slaugh, Principal of Steelhead Capital, is the originator of the loan.
Steelhead Capital, Inc. provided financing for the buyers/borrowers to complete their 1031 exchange acquisition. The 1968 two-story garden court Class B 49-unit apartment complex consists of one and two bedroom unit residences. The borrower took advantage of the early rate lock option and avoided the interest rate hype that pushed rates another 100 basis point higher. The acquisition was closed within the necessary 60-day escrow expiration date.
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)