Harbor Group International Secures $440 Million in Loans for Nationwide Community Refinancing

Harbor Group International (HGI) has successfully obtained multiple loans to refinance its diverse portfolio of communities across the United States. Collaborating with esteemed entities such as KKR, Freddie Mac, and Fannie Mae, the company secured a total of $440 million in refinancing loans for 25 of its communities. This strategic move allowed HGI to secure fixed-rate debt with a mid-to-long range duration, offering stability and minimizing rate variability, all while maintaining some prepayment flexibility.

The refinancing initiative encompasses a comprehensive portfolio comprising more than 5,264 units across various communities, spanning from Indianapolis to Florida. Notably, Freddie Mac provided a $44 million loan, expertly arranged by Berkadia, to refinance eight communities encompassing a total of 915 units in Indianapolis. Capital One and Meridian Capital collaborated to arrange a $73 million loan, funded by Freddie Mac, which facilitated the refinancing of nine communities encompassing 1,119 units in Florida. Additionally, KKR extended a $122 million loan to refinance a single community known as Alesio Urban Center in Irving, Texas, comprising 908 units. Lastly, Freddie Mac granted a $201 million loan to refinance seven communities, totaling 2,322 units, located in the southeastern United States. Newmark played a pivotal role in arranging this particular Freddie Mac loan.

In parallel with the substantial $440 million refinancing effort, HGI remains actively engaged in exploring multifamily investment opportunities. In April, the company acquired Mezzo, an impressive Class A community in Aubrey, Texas, boasting 378 units. Furthermore, HGI announced a partnership with PB Development to develop Springside Middletown, a 240-unit residential project in Middletown, Connecticut. HGI is the primary funding source for this project, which is projected to reach completion in 2025.

HGI’s endeavors extend beyond acquisitions, as the company has also embarked on a divestment strategy, selling off select communities. In April, HGI successfully sold Sussex at Kingstowne, a community located in the Washington, D.C. area. Following this sale, the company proceeded to sell Oxford Hills, a 480-unit property in St. Louis, Missouri, to FPA Multifamily in May.

Harbor Group International Secures $440 Million in Loans for Nationwide Community Refinancing

Harbor Group International (HGI) has successfully obtained multiple loans to refinance its diverse portfolio of communities across the United States. Collaborating with esteemed entities such as KKR, Freddie Mac, and Fannie Mae, the company secured a total of $440 million in refinancing loans for 25 of its communities. This strategic move allowed HGI to secure fixed-rate debt with a mid-to-long range duration, offering stability and minimizing rate variability, all while maintaining some prepayment flexibility.

The refinancing initiative encompasses a comprehensive portfolio comprising more than 5,264 units across various communities, spanning from Indianapolis to Florida. Notably, Freddie Mac provided a $44 million loan, expertly arranged by Berkadia, to refinance eight communities encompassing a total of 915 units in Indianapolis. Capital One and Meridian Capital collaborated to arrange a $73 million loan, funded by Freddie Mac, which facilitated the refinancing of nine communities encompassing 1,119 units in Florida. Additionally, KKR extended a $122 million loan to refinance a single community known as Alesio Urban Center in Irving, Texas, comprising 908 units. Lastly, Freddie Mac granted a $201 million loan to refinance seven communities, totaling 2,322 units, located in the southeastern United States. Newmark played a pivotal role in arranging this particular Freddie Mac loan.

In parallel with the substantial $440 million refinancing effort, HGI remains actively engaged in exploring multifamily investment opportunities. In April, the company acquired Mezzo, an impressive Class A community in Aubrey, Texas, boasting 378 units. Furthermore, HGI announced a partnership with PB Development to develop Springside Middletown, a 240-unit residential project in Middletown, Connecticut. HGI is the primary funding source for this project, which is projected to reach completion in 2025.

HGI’s endeavors extend beyond acquisitions, as the company has also embarked on a divestment strategy, selling off select communities. In April, HGI successfully sold Sussex at Kingstowne, a community located in the Washington, D.C. area. Following this sale, the company proceeded to sell Oxford Hills, a 480-unit property in St. Louis, Missouri, to FPA Multifamily in May.