Delano Apartments

Perm Loan

126-Unit Multi-Family

Redmond, WA

Highland procured a $30.77mm perm loan to fund the sponsor’s acquisition of Delano Apartments, a 126-unit multi-family property located in Redmond, WA (Seattle MSA).  The Core/Core-Plus 2005 Vintage Asset is located 1/2 mile from Downtown Redmond/Redmond Town Center.  Redmond is one of Greater Seattle’s most affluent neighborhoods and is home to many Fortune 500 companies, most notably Microsoft.  Highland was able to provide the Sponsorship with a permanent loan featuring a 10-year fixed term, priced in the low 3%’s, 4-years of interest only, flexible prepayment on the back end, and minimal Covid-19 holdback reserves, in light of softening summer collections.

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