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February 25, 2024
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Highland Realty Capital Completes $460 Mil in Financings for 2020


Highland Realty Capital (HRC) closed out 2020 with $243 mil of financings in the 4th quarter. The company completed $460 mil in debt and equity transactions for the year, despite the challenges imposed by the coronavirus.

In one of the largest industrial transactions in Los Angeles County in 2020, HRC secured a $63 mil fixed-rate loan for the acquisition of a 400k sf+, 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.

During the early weeks of the pandemic, HRC secured $22 mil of bridge-to-perm financing for a 55-unit apartment project in San Jose. Taking out a recourse construction loan at CofO, the non-recourse bridge provided 12-18 months of runway to get the property stabilized in an uncertain leasing environment.

In another notable deal, HRC arranged $69 mil of permanent financing for two West Coast apartment properties totaling 376 units, with significant cash-out and enhanced prepayment flexibility, at a very 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, HRC assisted Sacramento-based Kamilos Companies with a $29.1 mil 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 msf of development. A NoCal private lender funded the loan in 21 days from execution of the loan application.

Other 4th quarter, 2020 transactions include:

• $41 mil bridge refinance of a 976-bed student housing property at Washington State Univ
• $30.77 mil FNMA DUS acquisition perm loan for 126 unit MF in Redmond, WA
• $26.5 mil non-recourse construction loan for 125 condominiums in Austin, TX
• $26 mil acquisition loan for the Harrah’s Reno Hotel and Casino for redevelopment into a $140 mil residential mixed- use project, Reno, NV
• $25 mil bridge loan for a creative office conversion in Glendale, CA
• $17.2 mil bridge loan for 118-unit MF acquisition in Tarzana, CA
• $15 mil high leverage (89%) bridge refinance for MF portfolio in Los Angeles, CA
• $8.2 mil Fannie Mae DUS permanent loan for 60-unit MF in Santa Clarita, CA
• $7.6 mil permanent loan for 67k industrial property in San Bernardino, CA
• $3 mil preferred equity investment for MF portfolio in Long Beach, CA

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