$38 MILLION CONSTRUCTION TAKEOUT ARRANGED FOR DTLA HOTEL

Los Angeles, CA – January 10, 2019

Highland Realty Capital secured a $38 million construction takeout loan for the Mayfair Hotel in DTLA. Los Angeles-based ICO Group recently completed a $35-million renovation of the 290-room hotel that includes two bars and the Eve American Bistro restaurant, as well as a 150-person ballroom.

The loan provided by a local bank included funds to complete a pool, cabana area and outdoor F&B area, which will allow for outdoor space with views of downtown for evening events in the ballroom. The pool and other exterior amenities will be completed by June for the summer of 2019.

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ACADEMY WEST INVESTMENTS ACQUIRES 395-BED PROPERTY NEAR THE UNIVERSITY OF NEVADA, RENO

Reno, NV – August 2, 2018

Academy West Investments (AWI) has acquired Wolf Run Village and Wolf Run East, a 395-bed student housing property located two blocks from the University of Nevada, Reno campus.

The acquisition also includes an adjacent 5-acre parcel, at which the company can develop approximately 310 additional beds. The 185-bed Wolf Run Village is set to undergo comprehensive interior and exterior improvements. Wolf Run East — completed for the 2017 school year — will be enhanced with new common area amenities including a gym, outdoor seating areas, fire pits and an indoor recreational area.

Highland Realty Capital secured joint venture equity and bridge financing totaling $33.1 million for the acquisition of the property. An undisclosed debt fund provided the $26 million senior financing, and Chicago-based Blue Vista Capital Management provided joint venture equity. A timeline for renovations has yet to be announced. 

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HIGHLAND REALTY CAPITAL ARRANGES $10.3 MILLION LOAN FOR 644-BED COMMUNITY NEAR WEST VIRGINIA UNIVERSITY

Morgantown, WV – July 16, 2018

Highland Realty Capital has arranged a $10.3 million bridge loan for The Ridge at Morgantown, a 644-bed student housing community located near West Virginia University in Morgantown.

Mike Guterman arranged the two-year loan on behalf of the buyer, NB Private Capital, which acquired the asset for $15 million. The loan is structured to roll into a Fannie Mae DUS permanent loan upon stabilization. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint Student Housing Investments represented the seller, M&A Real Estate Partners, in the transaction. TThe Ridge features private shuttles to campus, a fitness center, computer center, study lounge, basketball court, swimming pool and sand volleyball court. NB Private Capital plans to invest $1.6 million in interior and exterior renovations over the next year.

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HIGHLAND REALTY CAPITAL SECURES $40MM FOR TWO SOCAL ACQUISITIONS

Los Angeles, CA – March 23, 2016

El Segundo-based Highland Realty Capital has closed on $40 mil of acquisition financings for two LA-area properties. One of the transactions was for Victory Studios in Glendale and the other was for a mixed-use property in Hollywood.

 

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