Harbor Group International has closed on a $245 million equity raise for its multifamily whole loan platform, which began originating and closing loans in 2020. The platform provides senior mortgage bridge financing on multifamily assets throughout the US. Canada Pension Plan Investment Board committed $110 million of equity capital as the lead investor for the initiative.
HGI expects to close $300 million in multifamily senior loans by the end of January and $450 million to $500 million in loans by the end of the first quarter of 2021.
HGI decided to establish a senior loan origination platform when the early days of the pandemic created a liquidity crunch with other sources of debt capital. That created a window of opportunity to enter the bridge lending market, according to HGI president Richard Litton"With a growing n.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
