Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $2.858 MILLION LOAN FOR SUNRISE APARTMENTS IN TACOMA, WA
San Francisco, CA - October 15, 2004
Commercial Loan Summary:
Steelhead Capital Inc. closed a $2.858 million loan in Tacoma, WA for Sunrise Apartments on October 15, 2004. The loan has a 10-year term, locked at 5.65% for the first 10 years and amortized over 30 years. The loan-to-value ratio was 80% with 1.20x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. arranged financing for the Sponsor to acquire this Class-C multi-family asset. The refinance allowed the Sponsor to obtain a long-term fixed rate loan while pulling most of their original equity investment out after a modest rehab and stabilization. This 75-unit garden-style apartment complex was built in 1971 and offers basic amenities to its tenant base. Having purchased the asset two years ago, the Sponsor took advantage of today's low interest rates by replacing their floating rate loan with permanent, non-recourse fixed-rate financing.
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)