Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $3.525 MILLION LOAN FOR POWELL COURT APARTMENTS IN PORTLAND, OR
San Francisco, CA - August 20, 2004
Commercial Loan Summary:
Steelhead Capital Inc. closed a $3.525 million loan in Portland, OR for Powell Court Apartments on August 20, 2004. The loan has a 15-year term, locked at 5.00% for the first 3 years 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 acquire this Class-B multi-family asset. The acquisition will serve as a reverse exchange property for assets that are currently being marketed. The 1997 garden-style apartment complex consists of 72 units with amenities including separate garages, a pool and community center. The Sponsor took advantage of today's low interest rates and locked for three years with a conversion option to an ARM product that is freely pre-payable after the initial three-year fixed rate period.
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)