376 Total Units, 2 MF Properties
Bellevue, WA & San Diego, CA
In the throes of the surging pandemic, and closing in 28 days, Highland procured a $68.9mm in very low cost fixed-rate permanent financing fund the Sponsor’s significant cash-out requirement and upcoming loan maturity of The Regent @ Bellevue Way in Bellevue, WA, and Park Bonita Apartments in San Diego, CA. Terms included mid 3% pricing, strong prepayment flexibility, and minimal COVID holdback reserves. Additionally, Highland was able to negotiate a provision in the loan docs to allow for some or all of the units to be converted to condominium use, providing the sponsorship with flexibility for their long term business plan.