Harbor Group International secures $440m to refinance 25 multifamily properties

Harbor Group International announced it has secured $440 million to refinance 25 multifamily properties within its portfolio across the United States. The loans were arranged through KKR, Freddie Mac and Fannie Mae.

The refinanced properties include:

• Empire Portfolio(Indianapolis): Freddie Mac via Berkadia provided a $44 million loan for eight assets totaling 915 units.
• Florida Cardinal Portfolio (Fla.): Freddie Mac via Capital One and Meridian Capital provided a $73 million loan for a nine-asset portfolio totaling 1,119 units.
• Alesio Urban Center (Dallas): KKR provided a $122 million loan for a single asset featuring 908 units.
• Piedmont Portfolio(Southeast): Freddie Mac via Newmark provided a $201 million loan for seven assets totaling 2,322 units.

Among the properties, HGI secured mid- to long-range fixed-rate debt with no rate variability while retaining some prepayment flexibility. Through HGI’s prudent use of leverage, the firm has obtained favorable debt in the refinancing of these assets without investing additional capital.

“The successful refinancing of these 25 properties underscores HGI’s ability to mitigate investment risk by removing floating rate exposure in a high-rate environment,” said Pete Petron, managing director at HGI and head of asset management. “HGI has found the right balance of debt to match the tailored business plans for each property, allowing the firm to maximize the value of its assets across the country.”