Cash-Out Perm Loan
240,000 SF Light-Industrial Business Park
San Carlos, CA
Highland arranged $36,500,000 to help its client recapitalize and minimize the debt cost of the 1960’s-vintage 239,000-square foot light-industrial business park that is exceptionally well located in San Carlos equidistant between El Camino Real and Hwy 101. Given the superb location, strong sponsorship, and stable operating history, Highland identified a non-recourse balance sheet lender that was able to provide cash-out at an all-in rate in the high 3%’s fixed for 10 years. The loan allowed the Borrower to pay down the debt of another asset in a less desirable location, as well as the firm’s credit line. The loan included back-end prepayment flexibility.