NORFOLK, Va., July 21, 2021 -- Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced it has closed $571.8 million in senior mortgage bridge financing during the first half of 2021, across 24 loans. HGI launched its whole loan platform in Summer 2020, offering bridge financing exclusively on multifamily assets nationwide. Since HGI initiated the program, it has closed on bridge loans in key markets including Dallas, Orlando and Phoenix.
HGI established a bridge lending division in response to the COVID-19 pandemic's impact on the commercial real estate industry and the need for reliable sources of capital to facilitate liquidity in the market. In January 2021, HGI completed a $245 million equity raise for the whole loan platform, followed by the close of its first commercial real estate CLO in May 2021.
Notable bridge lending transactions HGI completed during the past year include:
- A $75.5 million bridge loan to Brentwood Investment Group and Greencove Capital Group for the acquisition of an 865-unit multifamily portfolio in Hampton and Poquoson, Va., spanning six garden-style apartment communities.
- A $27.5 million bridge loan for a hotel-to-multifamily conversion project in the Coconut Grove neighborhood of Miami.
HGI grew its debt investment team with the strategic hire of Laura de Graaf as Senior Vice President, Director of Senior Loan Transactions to oversee transaction management of the bridge lending platform. The firm also hired Lee J. Siracuse as Senior Vice President, Asset Management to oversee performance of HGI's alternative debt investment portfolio, including the whole loan program.
"Our rapid progress in executing and closing bridge loan transactions, along with the close of our first CLO this year, underscores Harbor Group International's success as a multifamily lender," said Richard Litton, President, HGI. "As the industry recovers from the impacts of the pandemic, we will continue to leverage our expertise in the national multifamily market to meet the evolving financing needs of today's borrowers."
HGI will continue to issue CLO offerings to its investors, with a second offering slated for the second half of 2021.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of $14.5 billion, including 4.4 million square feet of commercial space throughout the United States and the United Kingdom and 53,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.