Lease-Up Perm Debt
322-Unit Multifamily Property
Highland Realty Capital has secured $69M in Pre-stabilized Perm Debt for the $120M Acquisition of Knox at Metrocenter, a 322-unit multifamily property in Nashville, TN. The Sponsorship sought long-term fixed-rate capital and maximum loan proceeds while simultaneously acquiring a brand-new asset during its lease-up. Highland identified a balance sheet lender that recognized the quality of the asset, the strength of the sponsorship/market who saw minimal lease-up risk and was able to price the debt request at a similar spread to a fully stabilized/seasoned asset. The non-recourse permanent loan will be fixed for 10 years priced in the mid 2%’s.