Huntington Apartments – 54 Units
$6,265,000 acquisition bridge loan
Highland arranged a $6,265,000 acquisition bridge loan sized to 80% LTC with initial funding sized to 75% loan-to-purchase price, with the lender funding 100% of the $1,000,000 renovation budget in monthly draws. The 5 year, full-term IO loan will be fixed in the mid 4%’s and will be open to pre-pay after year two and featured a minimal origination fee. This low-cost loan will allow the sponsor to acquire and rehab the project with minimal cash equity at an interest rate far below the property’s stabilized yield-on-cost.