HGI Lands $125M for Dallas Community
The 900-unit property underwent renovations twice.
Harbor Group International has obtained a $124.7 million refinancing loan for the 908-unit Alesio Urban Center in Irving, Texas. Blackstone issued the financing in a deal brokered by Berkadia.
Proceeds will retire the existing mortgage and cover closing costs. KKR’s managed insurance capital held the previous debt, which was issued in 2023 and clocked in at $122.2 million. HGI acquired the asset in 2021, funded by KKR Real Estate Finance Trust with a different $117 million note.
HGI implemented a value-add strategy following the purchase, earmarking $4.5 million for capital improvements. Notably, that wasn’t the first time the community underwent renovations; LaSalle Investment Management also gave the property an upgrade in 2015.
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Alesio Urban Center, formerly The Shores at Las Colinas, debuted in two phases between 1987 and 1995, marking the first multifamily property to take shape within the 12,000-acre Las Colinas master-planned community. It is located on more than 17 acres along Lake Carolyn at 385 E. Las Colinas Blvd.
The community encompasses 14 three- and six-story buildings and one structured parking garage. Floorplans range between one- and three-bedroom layouts that average 871 square feet. Amenities include 55,499 square feet of retail and commercial space, as well as five swimming pools, a business center and a gaming lounge, among other features.
Berkadia Senior Managing Director Charles Foschini, together with Managing Director Christopher Apone and Associate Director Shannon Wilson, as well as Vice President Lourdes Carranza-Alvarez, arranged the financing deal.
Multifamily debt deals on the rise
HGI closed another high-profile debt deal just last month when, alongside The Garrett Cos. and Telis Group, it refinanced the senior multifamily construction debt of an eight-property portfolio totaling 1,573 units. The venture obtained the funds through a $351 million loan facility from ACRE. The eight communities are part of the trio’s $630.5 million recapitalization that closed last year.
Blackstone, for its part, closed an $8 billion real estate debt fund last year. The vehicle buys and makes property loans alongside banks and insurance companies. Among the deals the company has closed since then is the origination of $269 million—issued together with Canyon Partners Real Estate—to refinance RXR and Korman Communities’ Hamilton Green, a 477-unit property in White Plains, N.Y. The deal closed last month.
These latest deals continue the rebound in lending activity recorded during the first quarter, when multifamily originations spiked 49 percent year-over-year, according to the quarterly Mortgage Bankers Originations Index report. That marked the largest first-quarter volume since 2022.
