Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $4.81 MILLION LOAN FOR RED OAK APARTMENTS IN RIVERSIDE, CA
San Francisco, CA - November 1, 2004
Commercial Mortgage Loan Summary:
Steelhead Capital Inc. closed a $4.81 million loan in Riverside, CA for Red Oak Apartments on November 1, 2004. The loan has a 15-year term, locked at 5.08% for the first 3 years and amortized over 30 years. The loan-to-value ratio was 75% 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-B multi-family asset. The 1970 10 2-story apartment complex consists of 112 units with amenities including 22,400 square feet of carports, a pool and community center. The Sponsor took advantage of today's low interest rates and locked for three years with a conversion option to an ARM product that is freely pre-payable after the initial three-year fixed rate period.
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)