Harbor Group International announced that affiliates of the company have funded a $30 million investment in a portfolio of nine properties located in the Washington Heights neighborhood of Manhattan.
The investment includes a $25 million mezzanine loan and $5 million of common equity.
The investment was funded in connection with the acquisition of the portfolio by a New York based company.
Eastern Consolidated arranged the sale of the portfolio of nine mixed-use, elevator-serviced buildings. WHP LLC acquired the portfolio, which totals 487,700 s/f, from Intervest Development Corp. for $165 million.
The portfolio includes 413 rental apartments, 48 ground floor retail spaces and two commercial office spaces.
“Almost all of the properties in the portfolio are in highly desirable corner locations with plenty of opportunity for rent growth. The Washington Heights market is undergoing a renaissance as both a retail and residential destination,” said T. Richard Litton, Jr., President of Harbor Group International.
HGI continues to actively pursue and fund preferred equity and mezzanine loan opportunities for other sponsors, which provide capital solutions on property acquisitions, refinancings, and recapitalizations.
In the past year, HGI has funded more than $200 million in preferred equity and mezzanine loans.