Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $11 MILLION LOAN FOR CASA PACIFICA APARTMENTS IN PACIFICA, CA
San Francisco, CA - September 1, 2004
Commercial Loan Summary:
Steelhead Capital, Inc. closed an $11 million loan in Pacifica, CA for Casa Pacifica Apartments on September 1, 2004. The loan has a 10-year term, locked at 5.50% for the first 10 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 refinance the Class-B multi-family asset. This allowed the Sponsor to obtain a long-term fixed rate loan while pulling cash out above their original equity investment. This 101-unit garden-style apartment complex caters to seniors and qualifies for HUD's local Housing Authority low-income subsidy grants. Located minutes from the Pacific Coast, this asset's benefits from strong tenant demand due to limited affordable product available to seniors. The Sponsor took advantage of today's low interest rates by replacing their floating rate loan with permanent, non-recourse fixed-rate financing.
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)