Commercial Loan News
STEELHEAD CAPITAL PROVIDES $9.0 MILLION LOAN FOR OCEANSIDE BEST WESTERN IN SEASIDE, OR.
San Francisco, CA - September, 2002
Hotel Loan Summary:
Steelhead Capital closed a $9.0 million fixed rate loan for the Oceanside Best Western in Seaside, OR through one of its correspondent lender relationships. The non-recourse loan is a 10-year, 7.75 % fixed rate mortgage amortizing over 25-years. The loan-to-value ratio is 70% with debt service coverage of 1.35x. Peter Slaugh, Principal of Steelhead Capital, is the originator of the loan.
The Class B hotel project consists of 120 rooms situated on the Oregon coastline. The acquisition loan was closed in a challenging post 9/11 environment where hotel financings have been extremely difficult to execute. Steelhead arranged the loan in less than 35 days after approaching nearly 40 lenders and identifying 3 options.
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 Hotel Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)