265,000 SF Flex Business Park
Highland secured a $23.0mm fixed rate permanent loan for the acquisition of a 265,000 sf flex business park in Phoenix. The well-located, institutional quality property was 100% leased at the time of sale to a blue-chip tenant roster. The property was built over two phases in 2002 and 2005 and consists of four separate multi-tenant buildings ranging in size from 50,000 to 80,0000 sf. The 10-year, full term IO, sub 45% LTV loan was funded by a regional bank at a very competitive 135 spread over the 10 year Treasury.