Harbor Group International closed on a $1.6 billion fund to finance apartment buildings and other multifamily properties as higher interest rates offer attractive returns for lenders willing to put money at risk.

A unit of the Canada Pension Plan Investment Board committed $585 million to the HGI Multifamily Credit Fund, the company said Wednesday. The fund offers fixed and floating-rate senior, mezzanine and preferred-equity loans at rates of about 8% to 12% depending on the type of debt, according to Richard Litton, president of HGI.

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About HGI

Harbor Group International (HGI) is a leading global real estate investment and management firm. With $19 billion1 in real estate investment properties, the firm invests in and manages diversified property portfolios including office, retail, and multifamily properties. With over 39 years of experience in the industry and approximately 1,400 employees worldwide, HGI continues to look for real estate investment opportunities.

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Harbor Group International controls $20 billion1 in real estate investments and is constantly exploring real estate investment opportunities in the worldwide market.