PROPERTY:

El Norte Villas – 236 Unit Multi-family Property

LOCATION:

Escondido, CA

FINANCING;

Highland arranged a $24,000,000 non-recourse cash-out refinancing for El Norte Villas, a 236-unit 1980’s- vintage apartment building located in the San Diego submarket of Escondido between Interstate 15 and Highway 78. Highland identified a portfolio lender that provided significant cash-out up to 65% LTV, fixed for 10 years priced in the low 3% range. Back-end pre-payment flexibility was also included in this permanent loan