Highland Realty Capital Obtains $22MM Lease-Up to Perm Bridge Loan for 55-Unit Apartment Complex in San Jose

Highland Realty Capital, San Jose, Scotia Apartments

During the highly challenging, virus-induced financing climate,  Highland procured and held together a $22 million construction take-out bridge loan to fund the lease-up and stabilization of Scotia Apartments, a 55-unit multi-family property in San Jose. The non-recourse debt facility was sized to a sub 7.0% pro-forma stabilized debt yield, approximately 88% LTC on actual costs, that funded less than two weeks after receiving a certificate of occupancy. 
 
Highland was able to provide the sponsorship with 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. 

West Coast Commercial Real Estate News