NORWALK, CALIF., AND RENO, NEV. — Highland Realty Capital Inc. (HRC) has arranged $32.65 million in bridge financing for Los Angeles-based Chesapeake Real Estate Value Investors for the acquisition of two properties in Norwalk and Reno. HRC secured a $14.6 million bridge loan for the acquisition of Pacific Pointe, a 120-unit apartment community in Norwalk. A life company provided the 70 percent loan-to-value financing, which features a floating rate. The senior loan included $2.15 million in holdbacks for interior and exterior renovations.
Additionally, HRC arranged $18.05 million in floating-rate bridge financing for Chesapeake’s acquisition of the leasehold interest in the Brookside Industrial Portfolio. The collateral consists of three newly built, multi-tenant, flex-industrial buildings that were a combined 43 percent occupied at closing. Chesapeake Real Estate Value Investors, a fund managed by Legg Mason, invests in value-add real estate transactions.