Freddie Mac Provides $200.6M Refinance Loan For Multifamily Portfolio In North Carolina & Virginia

Harbor Group International, a prominent landlord, has secured a refinancing loan from Freddie Mac for a multifamily property portfolio. The portfolio comprises of eight properties located at 610 Stoney Glen Dr., 10900 Point S Dr., 200 Braehill Terrace Dr., 7029 W Friendly Ave., 2700 Reynolda Rd., 5771 Stone Mill Dr., 1000 Lydias Way, and 2 Tradewinds Quay, with a combined square footage of approximately 163,377,000. The portfolio consists of a total of 1,920 units and is situated in Mint Hill, Charlotte, Winston-Salem, Greensboro, NC, and Hampton, VA.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $200,601,000
• Loan Type: Refinance
• Loan Terms: 7-yr Fixed Rate; 4.81% All-in Rate; 65% LTV; 4yrs IO

The loan was facilitated by Newmark brokers Matthew Mense, William Weber, Henry Stimler, Ari Schwartzbard, and Ricky Warner, along with Dan Sarsfield. The loan amount of $200,601,000 was secured with Freddie Mac, with a 7-year fixed rate and an all-in rate of 4.81%. The loan-to-value (LTV) ratio is set at 65%, with a 4-year interest-only period.