Commercial Loan News
STEELHEAD CAPITAL, INC. PROVIDES $5.3 MILLION LOAN FOR 1850 SOSCOL OFFICE CONVERSION IN NAPA, CA
San Francisco, CA - November 19, 2004
Commercial Mortgage Loan Summary:
Steelhead Capital, Inc. closed a $5.3 million acquisition and construction loan in Napa, CA for 1850 Soscol, LLC. The loan has an Interest-Only, 18-month term with extensions, priced at LIBOR + 250. The loan-to-cost ratio is 78%. Steelhead Capital arranged the loan through one of its correspondent lending relationships.
Developers of 1850 Soscol Avenue are converting an existing athletic club facility into a Class-A medical office building - serving the needs of Napa's medical community. The structure was built in 1980 as a concrete tilt-up structure with a flat roof and floor-to-floor ceiling height of 20 feet. The building will be redeveloped in a modernist vernacular, and will consist of 12 medical office suites.
Steelhead Capital is a premier provider of creative office building loan financing 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 www.steelheadcapital.com.
Contact Information:
Steelhead Capital, Inc
415-397-2980 (phone)
415-397-2981 (fax)