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HGI Funds Brooklyn MF Portfolio Buy

NEW YORK CITY—Featuring 14 properties in Brooklyn and one in Staten Island, the portfolio was picked up for $236 million.

By Rayna Katz | Updated on March 16, 2015

NEW YORK CITY—An affiliate of Harbor Group International has funded a $35 million, 9% mezzanine loan in connection with the purchase of a 15-property portfolio of multifamily properties, primarily in Brooklyn. The portfolio was acquired for $236 million by a longstanding Brooklyn multifamily operator and investor that contributed approximately $38 million of equity in the transaction.

The identities of the portfolio’s buyer and seller were unavailable at press time. Among the highlights of the portfolio, two buildings are on Kings Highway while three sit on Nostrand avenue and the Staten Island property is at 2862 Hylan Blvd.

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