A $1 billion acquisition loan has been secured by affiliates of Harbor Group International for the purchase of the Beacon multifamily property portfolio. The funding encompasses 16 properties located in Boston, Baltimore, Chicago, Washington D.C. and Philadelphia, which are part of an overall 25 property portfolio. Eleven of the properties were financed with a fixed rate note for over $789 million. The remaining five properties were financed with a floating rate instrument for over $138 million. Managing Directors Laura Cathlina and Sharon Plattner of Berkadia’s Chicago office secured the Freddie Mac loan which closed on November 30.
“Our team was pleased to have been given the opportunity to assist Harbor Group International with the financing of this exclusive portfolio that supports their diversified investment strategy,” said Cathlina. “The end result was a creative multi-faceted loan structure which will provide Harbor a significant amount of flexibility for future decision making. Our partners at Freddie Mac did an outstanding job in working with us to structure this transaction.”
