Commercial Loan News
Starling Drive Office Building
STEELHEAD CAPITAL, INC. PROVIDES $2.350 MILLION LOAN FOR STARLING DRIVE OFFICE BUILDING IN SAN DIEGO, CA
San Francisco, CA - August 22, 2005
Commercial Mortgage Summary:
Steelhead Capital, Inc. closed a $2.350 million commercial loan in San Diego, CA for the Starling Drive office property August 22, 2005. The loan has a 10-year term, locked at 6.15% for the initial 5-year term and adjusts at 220bps over the 5-year CMT for the second 5-year term, and amortized over 30 years. The loan-to-value ratio was 75% with 1.25x 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. arranged financing for the Sponsor to refinance this Class-B single-tenant office building. This allowed the Sponsor to replace existing debt with a long-term fixed rate permanent loan and hedge against rising rates. This was a challenging transaction in that the tenancy consisted of the local municipality with 90-day termination clauses in the lease in addition to the primary term expiring in less than 9 months. Steelhead Capital marketed the financing request to a broad range of lenders, and found very competitive fixed rate financing given the single-tenancy as well as the short-term nature of the lease in place.
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)