$22,000,000 Bridge Loan
San Jose, CA
During the challenging capital environment with lenders exiting the market, Highland procured and held together a $22mm construction take-out bridge loan to fund the lease-up and stabilization of 55-unit Scotia Apartments, a 55-units in the Willow Glen area of San Jose. The non-recourse debt facility was sized to a sub 7.0% pro-forma stabilized debt yield and approximately 88% LTC, that funded less than two weeks after receiving CofO. HRC procured an aggressively-priced loan at an all-in rate under 5.0%, minimal origination fees, and multiple permanent financing exit options with the same lender once the asset stabilizes.