STEELHEAD CAPITAL PROVIDES $6.35 MILLION LOAN FOR 500 ELLIOTT IN SEATTLE

Steelhead Capital, a commercial mortgage brokerage with offices in San Francisco and Seattle, arranges financing for Class A apartment building in Seattle. A $6.35 million loan was secured through EverTrust Bank of Washington on March 27, 2002.

FOR IMMEDIATE RELEASE
                  
STEELHEAD CAPITAL PROVIDES $6.35 MILLION LOAN FOR 500 ELLIOTT IN SEATTLE

Seattle, WA -- March 27, 2002 -- Steelhead Capital closed a $6.35 million fixed rate loan for the 500 Elliot Street Apartments in Seattle, Washington through EverTrust Bank of Washington on March 27, 2002. The loan is a 3-year, 7.125 % fixed rate mortgage, Interest-Only for the first year, rolling to adjustable with a 30-year amortization. The loan to value ratio was 75% with debt service coverage of 1.25x. Five-Hundred Elliott, LLC secured the new loan as a construction take-out. Construction on the property was completed in 2001.

The Class A property has 44 mid-rise apartment units with 2,900 square feet of commercial space. The complex includes studio, one, two and three bedroom units, including 3 penthouse units. Amenities include expansive windows with spectacular views of the Puget Sound and Olympic Mountain Range, upgraded interior finishes, spiral staircases, and underground parking. Both Steelhead Capital and Horizon Realty Advisors, managers for Five-Hundred Elliot, LLC, occupy commercial space in the building. Occupancy at close was 95%.    

Steelhead Capital is a premier provider of creative 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 Capitals offices are located in San Francisco, CA and Seattle, WA. Complete company information can be found at www.steelheadcapital.com.

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