Highland Realty Capital Deal - Nora Apartments

Nora Apartments

Acquisition Bridge Debt
246-Unit Multifamily & Mixed-Use Property
Orlando, FL

Highland secured a $57,500,000 bridge loan to fund the acquisition and renovation of NORA Apartments, a Core/Core-Plus, 246-unit multifamily property. The property features a 3 ground floor retail spaces totaling 9,263 sf. The Property is exceptionally located within the North Quarter submarket of Downtown Orlando minutes from 12.5M sf of office space and 100K+ jobs. Highland strategized with the sponsor to propose a highly effective property enhancements program. This is expected to lift rents by $349/unit/month when including capturing Loss-To-Lease. This will maximize the sponsor’s return on equity and the lender’s post-renovation cash flow metrics. The Non-Recourse Bridge Loan features a total term of 5 years with extensions sized to an in-place debt yield of 4.25% and an exit debt yield of 5.75% featuring a spread of under 3.00%.


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