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Monday, 04 December 2017

Harbor Group Pays $1.8Bln for Apartment Portfolio; Gets $1.4Bln of Financing

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Harbor Group International has paid $1.8 billion for a portfolio of 25 apartment properties with 9,677 units from affiliates of Lone Star Funds.

The Norfolk, Va., investment manager funded its purchase with a total of $1.4 billion of mortgage financing, with Berkadia providing $927 million of Freddie Mac debt against 16 of the properties and New York Community Bank providing $512 million of financing against the remainder.

Lone Star was represented in the transaction by Eastdil Secured, while Meridian Capital Group provided investment advisory and mortgage brokerage services to Harbor...

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR), Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: Yes
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