Commercial Loan News
STEELHEAD CAPITAL PROVIDES $3.7 MILLION LOAN FOR LANAI PACIFICA APARTMENTS IN STOCKTON, CA
San Francisco, CA - September 30, 2003
Commercial Real Estate Loans Summary:
Steelhead Capital closed a $3.7 million loan for Lanai Pacifica Apartments in Stockton, CA through one of its correspondent relationships. The loan was a 5-year fixed rate at 5.41%, converting to an adjustable at 240 over the 12-MAT index amortized over 25 years. The loan to value ratio was 73% with a debt service coverage of 1.34x.
The class B property, built in 1963 is comprised of 105 apartment units. As a gated community, Lanai Pacifica offers enhanced security, two swimming pools, a playground, and is situated in a park-like setting. The commercial real estate property is conveniently located near Pacific Avenue and has easy access to the up-scale Lincoln Center, and numerous other shopping, dining and entertainment opportunities. Occupancy at close 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)