Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $4.044 MILLION LOAN FOR ARLINGTON FARMS APARTMENTS IN WACO, TX
San Francisco, CA - November 3, 2003
Commercial Real Estate Loans Summary:
Steelhead Capital Inc. closed a $4.044 million loan in Waco, TX for Arlington Farms Apartments. The loan is a 10-year, 5.77% fixed rate mortgage, amortized over 30 years. The loan-to-value ratio was 75% with 1.25x debt service coverage. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Steelhead Capital, Inc. refinanced the 1972 168-unit Class C student apartment complex with a 10-year fixed rate conduit loan. The borrower purchased the property in 1995 and completed over $3.2 million in renovations. This was a challenging property to underwrite, given seasonal student leasing. Steelhead Capital was able to negotiate a full loan thereby maximizing proceeds for the borrower.
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)