A bridge loan will fund the lease-up and stabilization of Scotia Apartments, a 55-unit property.
SAN JOSE—Even during the highly challenging COVID-induced financing climate, lending continues to be available. A couple of examples recently occurred in the Bay Area and across southwestern cities.
In the largest transaction, Highland Realty Capital procured a $22 million construction take-out bridge loan to fund the lease-up and stabilization of Scotia Apartments, a 55-unit multifamily property in San Jose. The non-recourse debt facility was sized to a sub-7% proforma stabilized debt yield, approximately 88% loan to costs on actual costs. It funded less than two weeks after receiving the certificate of occupancy issued by the city building department.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
