Harbor Group affiliate refinances massive multifamily loan

An entity represented by Harbor Group International has refinanced one of the biggest multifamily developments in Irving.

The Alesio Urban Center, at 385 East Los Colinas Boulevard just off Lake Carolyn, was built in the 1980s and has over 900 units. The community was purchased by a private company affiliated with Harbor Group International in 2021, financed with a $117 million loan from KKR Real Estate Finance Trust. In 2022, the property was valued at $116 million, according to the Dallas Central Appraisal District.

The original loan has now been transferred to KKR’s managed insurance capital and has been refinanced to $122 million at a fixed rate, The Real Deal has learned. The deal was negotiated by Bill Weber, Henry Stimler and Ari Schwartzbard of Newmark and Paul Fine of KKR.

The HGI affiliate is also working to complete $4.5 million in renovations to the property. Rent at the Alesio varies between $980 and $5,620 per month. Community amenities include a lounge area, pool and fitness center.

Harbor Group International recently raised $1.6 billion for its first apartment debt fund. The firm, headed by Jordan Slone, is focused on multifamily debt as interest rate hikes and economic uncertainty scare off lenders from the sector.

The firm controls $20 billion in real estate investments across the globe. It owns the Manor House apartments in downtown Dallas and Plano’s Fairway apartments.

Irving has been a popular region for investment in the Metroplex recently as KDC is expected to start construction soon on Wells Fargo’s massive regional headquarters in the city. The firm will embark on the 800,000-square-foot development worth more than $455 million, near the intersection of Las Colinas Boulevard and Promenade Parkway.

The Irving Chamber of Commerce refers to the city as the “headquarters of headquarters.” Irving is home to more than 1,000 corporate headquarters — more per capita than any U.S. city, according to the chamber’s website.