Commercial Loan News
Wood Chase Apartments
STEELHEAD CAPITAL, INC. PROVIDES $21.0 MILLION LOAN FOR WOOD CHASE APARTMENTS IN RENO, NV
San Francisco, CA - September 1, 2005
Commercial Mortgage Summary:
-Steelhead Capital, Inc. closed a $21.0 million loan in Reno, NV the Wood Chase Apartment property September 1, 2005. The loan has a 2-year term, priced at LIBOR + 225 with a 12-month extension, and Interest Only for the initial term. The loan-to-cost ratio allowed up to 80%. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to replace an existing conduit loan on their Class-B apartment complex, replacing it with an Interest Only construction loan to execute the condo-conversion. Steelhead Capital marketed the financing request to a broad range of lenders, and found very competitive variable rate financing with release provisions to address phasing of unit sales.
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)