Harbor Group International, LLC (“HGI”), a privately-owned international real estate investment and management firm, today announced it provided $75.5 million in bridge financing to Brentwood Investment Group (“Brentwood”) and Greencove Capital Group (“Greencove”) for the acquisition of an 856-unit multifamily portfolio in Virginia. The loan is part of HGI’s whole loan senior mortgage platform.
The portfolio consists of five garden-style multifamily communities in Hampton and one property in Poquoson, Va. Built between 1970 and 1985 with an average unit size of 921 square feet, the properties are strong performers and feature affordable rents. With a blended occupancy rate of 98%, the portfolio is positioned for a value-add and mark-to-market business plan.
Upon acquisition, Brentwood will invest capital to renovate unit interiors and improve curb appeal. Brentwood plans to implement improved management efficiencies across the portfolio assets, including the implementation of a Ratio Utility Billing System.
“HGI’s whole loan platform offers creative capital that enables qualified sponsors to carry-out investment plans,” said Richard Litton, President, HGI, “We are pleased to support Brentwood and Glencove’s acquisition plan for this portfolio and continue to actively seek clients in need of bridge financing.”
The properties are near convenient transportation, including major highways such as I-64 and I-664, providing access to several employment and education hubs including Langley Air Force Base, NASA Langley Research Center, Virginia Air and Space Center and the Hampton VA Medical Center. The area also features many retail centers such as Riverdale Shopping Center and Peninsula Town Center.
“This portfolio represents a strong, value-add opportunity and we are grateful to HGI for providing the Bridge Financing that will make it a reality,” said Sam Walkin of Brentwood. “We look forward to executing our business plan and capitalizing on a market with strong fundamentals and opportunities for growth.”
Meridian Capital Group’s Jake Weinstein and Berkadia’s John Reed arranged the financing.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate-related investment and management firm which controls a portfolio of worldwide assets valued at $12.7 billion. HGI is headquartered in Norfolk, Virginia, with offices in New York, Baltimore, Los Angeles, and Tel Aviv. The company’s real estate holdings include 4.1 million square feet of commercial properties and 46,000 apartment units. For additional information, please visit www.harborgroupint.com.