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Harbor Group acquires multifamily assets for $1.8B

Harbor Group International LLC purchased a U.S. multifamily portfolio from Lone Star Funds for $1.8 billion, The Real Deal reported.

The 9,677-unit rental portfolio is in Washington, D.C.; Philadelphia; Baltimore; Chicago; and Boston areas, with the largest groupings concentrated around Washington, D.C., and Philadelphia, the report noted, citing Harbor Group CEO Jordan Slone.

The company funded the acquisition with a $512 million loan from New York Community Bank and a $930 million loan from Berkadia Commercial Mortgage. The buyer was represented by Meridian Capital Group, while the seller was represented by Eastdil Secured, according to the report.