Peter Slaugh, principal of Steelhead Capital in San Francisco, arranged the cash-out refinancing package through Washington Mutual Bank. The 10-year loan has an 80% LTV and is priced at 3.65% over the 30-day LIBOR with a 6% base. The first year is structured as interest only and a 30-year amortization for the balance of the loan term.
The class C apartment complex was built in 1983. KL&J Management Co. oversees the day-to-day operation for the 97%-occupied community. The complex is situated on nearly nine acres and carries an appraised value of $2.8 million, according to the Tarrant County Central Appraisal District.
"This refinancing was ideal for the owner who needed flexible terms, arranged in the very unstable capital market environment apparent at the end of 2001," Slaugh said in a press release.
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