Harbor Group International (HGI), in partnership with The Garrett Companies and Telis Group, has successfully completed a $630.5 million recapitalization of an 11-property multifamily development portfolio. Eight of the properties are located in Colorado.
This complex transaction involved coordinating with nine different lenders across various markets to secure the necessary financing.
The portfolio consists of 2,192 units spread across four states: Colorado, Minnesota, Indiana and Arizona. Development on these properties began between 2021 and 2023, with approximately three-quarters of the project now complete. This expedited timeline for delivery and stabilization is significantly faster than a typical development project.
According to HGI’s Yisroel Berg, this recapitalization allows them to have exposure to high-growth markets while partnering with strong developers like The Garrett Companies and Telis Group as they work towards providing more housing options throughout the United States.
Mo Beler and Aaron Appel from Walker & Dunlop facilitated this successful transaction on behalf of HGI’s team.
