Commercial Loan News
STEELHEAD CAPITAL PROVIDES $4.95 MILLION LOAN FOR CATHEDRAL PLACE IN ST. AUGUSTINE, FL
San Francisco, CA - September 11, 2003
Office Building Loan Summary:
Steelhead Capital closed a $4.95 million loan in St. Augustine, FL for Cathedral Place. The loan is a 10-year, 6.29% fixed rate mortgage, amortized over 30 years. The loan-to-value ratio was 80% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships. Peter Slaugh, CEO of Steelhead Capital, is the originator of the loan.
The borrower purchased this historic 1928 Class A waterfront office building consisting of 35,545 square feet in 2001 for $4.2 million. After a modest renovation, Steelhead Capital, Inc. refinanced the asset with a new fixed rate loan in the amount of $4.95 million, providing 118% ROE. This loan not only allowed the borrower to cash out their original equity, but also provided 80% LTV on a product type that is typically only financed at a 75% LTV.
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 Office Loans.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)