Highland Realty Capital (HRC) closed out 2020 with $243 mil of financings in the 4th quarter. The company completed $460 mil in debt and equity transactions for the year, despite the challenges imposed by the coronavirus.
In one of the largest industrial transactions in Los Angeles County in 2020, HRC secured a $63 mil fixed-rate loan for the acquisition of a 400k sf+, Class A warehouse distribution building. The non-recourse loan was provided by an insurance company, and the rate was fixed at 2.61% for 10 years with a 30-year amortization.
During the early weeks of the pandemic, HRC secured $22 mil of bridge-to-perm financing for a 55-unit apartment project in San Jose. Taking out a recourse construction loan at CofO, the non-recourse bridge provided 12-18 months of runway to get the property stabilized in an uncertain leasing environment.
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