Amidst the current pandemic, Highland procured a $37.5mm perm loan to fund the sponsor’s cash-out requirement and upcoming loan maturity of The Regent @ Bellevue Way, a 192-unit multi-family property in Bellevue, WA. Located in Seattle’s upscale eastside, the Property is on Bellevue Way, 1.5 miles from the town center.
Highland was able to provide the Sponsorship with significant cash-out permanent loan featuring a 10-year fixed term, priced in the mid 3%’s, flexible prepayment on the back end, and minimal Covid-19 holdback reserves. Highland identified a lender in this environment who was able to close the loan in 28 days from entering into application. 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.
The Principals of Highland Realty Capital have arranged debt and equity capital in excess of $7.0 Billion for commercial real estate owners, investors, and developers. Highland has broad experience in all product types and all layers of the capital stack for ground-up developments, value-add acquisitions, land acquisitions, recapitalizations, and permanent refinancings.