Commercial Loan News
STEELHEAD CAPITAL PROVIDES $18.6 MILLION LOAN FOR GREYSTONE MEADOWS IN FEDERAL WAY, WA
Seattle, WA - September 3, 2003
Commercial Real Estate Loans Summary:
Steelhead Capital closed a $18.6 million fixed rate loan for the Greystone Meadows Apartments through one of its correspondent lender relationships on September 3, 2003. The 7-year loan is an interest only for the first three years converting to a 30-year amortization schedule for the remaining years. The loan was rate locked 90-days early at 4.54% in June for a September close. The loan-to-value ratio is 80% with debt service coverage of 1.31x.
The Class B apartment project was built in 1991 and consists of 323 apartment units. The custom-built, well-designed unique residential environment is located near the Sea-Tac Mall, Redondo Beach, I-5, airport and major shopping. At the time the loan closed, occupancy was 96%.
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)