$15,000,000 Permanent Loan
Highland placed a 70% LTV, 10-year permanent loan with significant cash out to the borrower on a 2016 vintage, 128-key Springhill Suites by Marriott at The Rim in San Antonio.
$19,100,000 Bridge Loan
Highland placed a $19.1MM bridge loan to acquire and renovate Cole Center, a 1981 vintage, 155,000 SF, suburban office property in Lakewood, CO. The non-recourse, 75% LTV, 3-year bridge loan includes $3.3MM for capital expenditures and $1MM for leasing expenses.
$13,000,000 Bridge Loan
Highland negotiated a $13MM bridge loan to complete renovations and refinance a 2-story, 57,000 SF mixed use redevelopment of an existing commercial building in the growing downtown district of Bay Shore, Long Island, NY.
Fields of Bluegrass
$13,150,000 Bridge Loan
Highland arranged a 70% LTC, 2-year bridge loan for the purchase of Fields of Bluegrass, a 537-bed student housing property at the University of Kentucky in Lexington, Kentucky. The underperforming asset was purchased out of foreclosure and will undergo a major facelift with close to $2.4MM of capital set aside for both interior and exterior improvements.
THE NINE AT MEMPHIS
$7,000,000 Preferred Equity
Highland is in application with an institutional preferred equity investor to provide financing up to low 80’s% LTC to facilitate the DST acquisition of a 113-unit, 381-bed student housing property in Memphis, TN. The deal is expected to close in July 2019.
$30,000,000 Construction Loan
Highland is in application to close a construction loan on a 192-unit multifamily building in Reno, NV. The loan is 65% LTC with an expected close in September 2019.