Commercial Loan News
Worthing Place Apartments
STEELHEAD CAPITAL, INC. PROVIDES $10.880 MILLION LOAN FOR WORTHING PLACE APARTMENTS IN KANSAS CITY, KS
San Francisco, CA - October 5, 2005
Commercial Mortgage Summary:
Steelhead Capital, Inc. closed a $10.880 million loan in Kansas City, KS for the Worthing Place Apartment property October 5, 2005. The loan has a 10-year fixed rate at 5.11% with Interest Only for the first 3 years and amortized on a 30-year schedule thereafter. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to acquire a 372-unit Class-B multifamily asset in the Kansas City marketplace. Loan proceeds included 80% of acquisition as well as $300k in rehab costs to update unit interiors and cure exterior deferred maintenance items. Steelhead Capital marketed the financing request to a broad range of lenders, and found very competitive fixed rate financing. This transaction closed in 34 business days.
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)