Harbor Group Seals $122M Refinancing for Texas Property

Image by Jeremy Morris via Unsplash

Affiliates of Harbor Group International have secured a $122 million refinancing loan for Alesio Urban Center in Irving, Texas. The 908-unit multifamily community includes 55,000 square feet of retail space.

Newmark secured the financing, transferring its original debt to KKR’s managed insurance capital at a fixed rate. This comes HGI is undertakes a $4.5 million value-add plan.

“With the current lender landscape and the distinct lack of liquidity, we worked with KKR to find a fixed-rate option,” Newmark executive managing director Henry Stimler told Multi-Housing News. “We did this by accessing [the] KKR life insurance bucket.” 

Recent upgrades

Located at 385 E Las Colinas Blvd., Alesio Urban Center features a blend of three- and six-story buildings, with rental units ranging from studios to three-bedroom residences. The units have received recent upgrades, including quartz countertops, new lighting and cabinets, wood-style flooring and built-in entertainment centers. Bicycle storage and a repair center are among the high-profile common-area amenities.

Alesio Urban Center is situated in the Las Colinas Urban Center, which offers substantial frontage next to Irving’s Lake Carolyn. Dining options and shopping venues are offered within the property. A pair of public transit options, the DART Urban Center Station and the Las Colinas Area Personal Transit Bell Tower Station, are located within walking distance. Trinity River Mountain Creek Reserve, Grapevine Springs Preserve, Elm Fork Preserve, Coppell Nature Park and Coppell Community Garden are all located within 10 miles.

In addition to Stimler, the Newmark team included Bill Weber, executive managing director, and Ari Schwartzbard, senior managing director. Paul Fine negotiated the transaction on behalf of KKR. Last month, it was announced Newmark had been tapped by the FDIC to market $60 billion of Signature Bank loans.