Harbor Group Hauls in $1.6B for Multifamily Debt Fund
Harbor Group International, a $20bn real estate investment firm with 80% of its portfolio in multifamily-related investments, raised an impressive $1.6bn for its Multifamily Credit Fund.
The raise includes $585mn from CPPIB Credit Investments III Inc., a unit of the Canada Pension Plan Investment Board.
The fund’s strategy is to invest in fixed and floating-rate senior, mezzanine and preferred-equity loans.
“The fund is uniquely positioned to build on HGI’s track record both as an investor in multifamily credit strategies and as a multifamily operator with a large national portfolio. We also expect to benefit from the current rate environment as we seek to achieve positive returns for our investors,” said Richard Litton, President, HGI.
Over the past three years, CPP Investments has committed $290mn in capital with the Norfolk, VA-based HGI, including its multifamily whole loan platform and Freddie Mac Supplemental Loan program.