HGI Secures $356M in Financing for Boston-Area Portfolio Buy
The deal includes four properties, with a fifth joining them soon.
Harbor Group International has obtained $356.4 million in acquisition financing from Freddie Mac for the purchase of four multifamily communities totaling 1,817 units across Massachusetts and Rhode Island. Walker & Dunlop arranged the financing.
HGI previously announced that it had partnered with CBRE Investment Management to acquire the assets from Apartment Investment and Management Co. for a total cost of $740 million, in one of the biggest transactions in the New England area this year.
Walker & Dunlop Senior Managing Director Craig West led the team that arranged the loan.
The four Boston area properties are:
- Royal Crest Marlboro, a 473-unit property located 19 Royal Crest Dr. in Marlborough, Mass.
- The 492-unit Royal Crest Warwick, situated at 42 Cedar Pond Dr. in Warwick, R.I.
- Waterford Village, which spans 588 units at 51 Meadow Ln. in Bridgewater, Mass.
- Wexford Village, a 264 units community located 29 Duncannon Avenue in Worcester, Mass.
The properties are all about 99 percent leased or more, according to Yardi Matrix, and they were built between 1970 and 1974. HGI said it plans to renovate the assets following the purchase.
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HGI is also expected to close on the acquisition of a fifth property from AIMCO. The firm plans to buy Royal Crest Estates, a 902-unit community located in Nashua, N.H. That deal is scheduled to close by the end of the year.
New England multifamily market shows strength
The Boston area saw good market fundamentals through April despite sluggish job growth, according to Yardi Matrix. Average asking rents were $2,924 as of April, up 1.8 percent year-over-year. The area’s overall occupancy rate was 96.1 percent in March.
Almost $770 million worth of assets changed hands through April, and the area had 15,920 units in development, though construction is decelerating.
