Affiliates of Harbor Group International (HGI) has formed a joint venture with The Garrett Cos. and Telis Group to fund the $630.5 million recapitalization of an 11-asset multifamily development portfolio.
The transaction involved a complex financial structure requiring coordination with nine different lenders across a diverse range of markets. The deal underscores HGI’s ability navigate multi-faceted financial structures, securing long-term growth and stability for its investors.
The portfolio spans 2,192 units across four states, with eight properties in Colorado, one property in Minnesota, one property in Indiana and one property in Arizona. Development of the properties began from 2021 to 2023, with the portfolio now approximately 75 percent complete, allowing for an expedited timeline of delivery and stabilization compared to a standard development project.
“This recapitalization was a multi-step effort that required extensive negotiations, meticulous p
