Highland procured a $30.77 million permanent loan to fund the sponsor’s acquisition of Delano Apartments, a 126-unit multi-family property located in Redmond, WA (Seattle MSA). The Core/Core-Plus 2005 Vintage Asset is located 1/2 mile from Downtown Redmond/Redmond Town Center. Redmond is one of Greater Seattle’s most affluent neighborhoods and is home to many Fortune 500 companies, most notably Microsoft. Highland was able to provide the Sponsorship with a permanent loan featuring a 10-year fixed term, priced in the low 3%’s, 4-years of interest only, flexible prepayment on the back end, and minimal Covid-19 holdback reserves, in light of softening summer collections.
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.