Commercial Loan News
STEELHEAD CAPITAL PROVIDES $3.5 MILLION LOAN FOR NIMITZ APARTMENTS IN SAN ANTONIO, TX.
San Francisco, CA - August 19, 2003
Commercial Real Estate Loans Summary:
Steelhead Capital closed a $3.5 million loan in San Antonio, Texas for Nimitz Apartments. The loan is a 30-year, 7.18% fixed rate mortgage, amortized over 30 years. The loan-to-value ratio was 80% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships. Peter Slaugh, CEO of Steelhead Capital, is the originator of the loan.
The borrower acquired the 1972 130-unit class C garden style apartment complex for $2.47 million in the year 2000 and performed a thorough renovation and repositioning of the asset in 2003. The all-in cost for purchase and renovation was $2.77 million. Steelhead Capital, Inc. refinanced the asset by placing a $3.496 million for a 30-year fully amortized, fixed rate program funded by Fannie Mae. The refinance enabled the borrower to pull $726,000 above their original cost at a 126% ROE.
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)