SAN JOSE—Even during the highly challenging COVID-inducedfinancing climate, lending continues to be available. A couple ofexamples recently occurred in the Bay Area and across southwesterncities.
In the largest transaction, Highland Realty Capital procured a$22 million construction take-out bridge loan to fund the lease-upand stabilization of Scotia Apartments, a 55-unit multifamilyproperty in San Jose. The non-recourse debt facility was sized to asub-7% proforma stabilized debt yield, approximately 88% loan tocosts on actual costs. It funded less than two weeks afterreceiving the certificate of occupancy issued by the city buildingdepartment.
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