Commercial Loan News
Mountain Springs Apartments
STEELHEAD CAPITAL, INC. PROVIDES $4.4 MILLION LOAN FOR MOUNTAIN SPRINGS APARTMENTS IN PHOENIX , AZ
San Francisco, CA - October 14, 2005
Commercial Mortgage Summary:
Steelhead Capital, Inc. closed a $4.4 million loan in Phoenix, AZ for the Mountain Springs Apartment property October 14, 2005. The loan has a 2-year term priced at Prime + 2% on an Interest Only basis. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to refinance an existing private money first mortgage with a competitive Interest-Only facility that allows further stabilization of the asset. The asset consists of 122 garden style apartment units built in 1983, but was underperforming the market due to mis-management. Steelhead Capital marketed the financing request to a broad range of lenders, and found very competitive interim financing for an asset that suffered from extremely low occupancy under the prior management.
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)