November 20, 2020
Highland Realty Capital arranged a $40.95 million bridge loan for The Ruckus at Washington State University in Pullman. The financing for the 334-unit and 976 bed student housing property was secured on behalf of NB Private Capital.
A Los Angeles based debt fund was the lender. The loan contains $2 million of capital improvement proceeds to convert 89 of the four-bedroom/two-bath units into three-bedroom/three-bath units.
NB Private Capital’s Blake Wettengel says, “Bed-bath parody is always an issue and with the effects of Covid, it became an obvious upgrade for us to make.”
“This was the second loan we have funded with this lender, but they waited until early October to close to ensure the students had returned and paying rent,” stated Highland’s Mike Guterman, who handled the transaction for NBPC.
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