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national   /   January 29, 2021

Paul Bubny
By: Paul Bubny

Despite COVID, Lending Takes Off in the West

Highland Realty Capital ended 2020 with $243 million in fourth-quarter financings. And, in an otherwise challenging year, the company completed $460 million in debt and equity transactions.

In one of the year’s largest industrial transactions in Los Angeles County, Highland secured a $63-million fixed-rate loan for the acquisition of a 400,000-square-foot, Class A warehouse distribution building. The non-recourse loan was provided by an insurance company and the rate was fixed at 2.61% for 10 years with a 30-year amortization.

In another notable deal, HRC arranged $69 million of permanent financing for two West Coast apartment properties totaling 376 units with significant cash-out and prepayment flexibility at a low fixed rate. Closing in 28 days, collateral included The Regent (192 units in Bellevue, WA) and Park Bonita (184 units in San Diego).

In a year-end closing, Highland Realty Capital assisted Sacramento-based Kamilos Companies with a $29.1-million refinance of Compass Logistics, a 450-acre land parcel entitled for industrial/distribution development in Woodland, CA. The financing helped consolidate the capital and provide funds needed to complete the annexation and predevelopment of potentially 6 million square feet of development.

Other Q4 2020 transactions include a $41-million bridge refinance of a 976-bed student housing property at Washington State University and a $30.77 million FNMA DUS acquisition perm loan for a 126-unit multifamily in Redmond, WA.

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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