, TX - Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company funded a significant preferred equity investment in the purchase of Bella Madera Apartments in Dallas, Texas.
Bella Madera, a 612 unit, Class A garden style apartment property, was purchased by an affiliate of Block Real Estate Services, LLC.
“We continue to promote and execute our preferred equity and mezzanine loan platform,” said T. Richard Litton, Jr., President of Harbor Group International, “Market conditions continue to bring us these types of opportunities and we expect to deploy meaningful equity in this area in subsequent fiscal periods.”
In the last 15 months, HGI affiliates have funded $48.35 million of preferred equityand mezzanine loans.
Bella Madera features an attractive mix of unit sizes and styles, and a superior amenity base. The property, built in 2009 by Westwood Residential, is located in Lewisville, Texas, a highly desirable submarket of Dallas. The property sits just north of State Highway 121 (Sam Rayburn Tollway), almost equidistant to Interstate 35E and the Dallas North Tollway, providing tenants with convenient access to all points of the Dallas MSA, and an easy commute to a vast number of employers in the Lewisville, Frisco, and Plano submarkets.
Harbor Group International, LLCis a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.