Commercial Loan News
STEELHEAD CAPITAL PROVIDES $560,000 THOUSAND DOLLAR LOAN FOR BRIDGIT AVENUE APARTMENTS
San Francisco, CA - September 17, 2003
Commercial Real Estate Loans Summary:
San Francisco, CA - September 17, 2003 - Steelhead Capital closed a $560,000 fixed rate loan for a 1031 Exchange Buyer for Bridgit Avenue Apartments located in Rohnert Park, CA through one of its correspondent relationships on September 17, 2003. The loan initially fixed for 5-years at 4.75% rolling to a 6 month ARM was amortized over 30-years with a corresponding term. The loan to value ratio was 60% with a debt service coverage of 1.4x.
The 10-unit class B property was built in 1960 and consists of 20% of Section 8 units with below market rents. The new owner has the ability to develop an on-site storage and therefore increase the potential income of the property. The vacancies (20%) were leased up prior to closing therefore allowing for a preferred pricing structure. The transaction closed at 100% occupancy.
A. Sean Aguilar, CCIM with Steelhead Capital was responsible for advising and placement of the loan for the Buyer's. David Silver of Arroyo & Coates was the referring agent.
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)