$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.

Read more here.

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. 

Read more here.

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.

Read more here.

PRESIDIO RESIDENTIAL CAPITAL AND COASTAL COMMUNITY BUILDERS ANNOUNCE THE OPENING OF TEMPLETON RANCH

TEMPLETON, CA–(Marketwired – May 22, 2017) – Presidio Residential Capital and Coastal Community Builders recently announced that Templeton Ranch, a 16.7-acre community offering 107 single-family homes located at 221 North Maine Street in Templeton, Calif., is now open. Interested homebuyers are invited to tour the recently completed model homes.

“The beautiful homes at Templeton Ranch accommodate families in every stage of life and offer easy access for commuters,” said Coastal Community Builders President Gary Grossman. “We don’t expect them to remain on the market for long.”

Templeton Ranch offers three-bedroom, two-plus bathroom, single- and two-story homes with two-car attached garages ranging in size from 1,263 to 2,312 square feet on lots ranging from 2,600 to 6,662 square feet. Six floor plans are offered in Craftsman, Spanish and Farmhouse styles, and Templeton Ranch includes five parks, riparian open space and a pedestrian trail on approximately two acres.

Once the last stop on the stagecoach trail to San Luis Obispo, Templeton is located in the heart of the Central Coast wine region and within easy access of the 101 freeway and the communities of Paso Robles, Atascadero and San Luis Obispo. It’s close to major employers such as Atascadero State Hospital, California Men’s Colony, San Luis Obispo County Unified School District and multiple agricultural and cattle ranches. Amtrak, Greyhound, area transit and airports are nearby, and the community has easy access to numerous wineries, Lake Naciemento, Lake San Antonio and Ravine Water Park. The beaches are 45 minutes away.

Read more here.

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.

 

READ MORE HERE

HRC SECURES $6.5MM EQUITY & $12.5MM BRIDGE LOAN FOR MEDIA PRODUCTION STUDIO

Los Angeles, CA – March 11, 2016

HRC arranged for a portfolio lender to provide a non-recourse 65% LTC, 5-year, fixed rate bridge loan with a declining fixed prepay penalty which burns off after 3 years. The loan includes a future funding facility for future CapEx, TI’s and LC’s to renew the existing lease or reposition the property. The loan provides 3 years of I/O to accommodate low initial debt service cover due to below market rents.

The JV equity investment was made by a family office. The equity structure has a low preferred return hurdle to compensate for low initial cash-on-cash returns. The equity investor also provided credit enhancement on recourse carve outs.

READ MORE HERE

HRC SECURES $7.6MM BRIDGE LOAN FOR WAREHOUSE REPOSITIONING AND RENOVATION

HRC secured a $7,600,000 bridge loan for the repositioning and renovation of a 41,805 sf warehouse/distribution building into creative office space. The property is located just over the 4th Street Bridge from the Arts District and is perfectly positioned to convert into creative office space. The current rents are less than $1psf FSG with a projected rent of $1.75psf NNN post rehab which is a discount to the market in the Arts District of $2.75psf NNN.

The 3 year bridge loan was provided by a local bank at 70% LTC at a rate of 4.5%, interest only for 18 months. Due to the very low rents, the loan was structured with an interest reserve as the going-in DSC was less than 1.00.

READ MORE HERE

HRC SECURES EQUITY AND DEBT FINANCING FOR NAPA VALLEY HOTEL ACQUISITION

Los Angeles, CA – February 4, 2014

Highland Realty Capital, Inc. (“HRC”) arranged $42,500,000 in bridge financing and $4.5 million in equity for the acquisition of a 74-room boutique located on Hwy 29 in St. Helena, CA. The sponsor, Palmer City-Core Hotels (“PCCH”), a partnership between The Charlie Palmer Group and San Francisco based City-Core Development acquired The Harvest Inn at the end of January for an undisclosed amount.

READ MORE HERE

HRC SECURES $34,000,000 BRIDGE LOAN

Los Angeles, CA – December 16, 2013

Highland Realty Capital, Inc. (“HRC”) arranged $34,000,000 in bridge financing for the acquisition of a 2 building, 366,600 sf industrial property in Santa Ana, CA. The sponsor, Dyer 18, LLC acquired the property from a joint venture between Denver based Alliance Commercial Partners and Carval Investors.

READ MORE HERE