Berkadia, a distinguished leader in the commercial real estate sector, announced today that it arranged a $124.65 million loan on behalf of affiliates of Harbor Group International (HGI) for the refinancing of Alesio Urban Center, a mixed-use community featuring 908 apartment homes and 55,499 square feet of retail and commercial space in the Las Colinas master-planned submarket of Irving, Texas.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone, Associate Director Shannon Wilson and Vice President Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the financing on behalf of HGI, which acquired the property in 2021.
Lender Blackstone provided the loan, whose proceeds will be used to retire the existing mortgage and cover closing costs. The transaction closed on June 4.
“With an expansive national portfolio, Harbor Group is one of the highest rated multifamily operators and investors across the country,” said Foschini. “I’ve closed several landmark deals with Blackstone throughout my career, and their executions are always flawless. Blackstone recognized a best-in-class sponsor in HGI, and how the repositioning of Alesio would capture the most credit worthy tenants in the market for both the residential and commercial spaces. They provided highly competitive options, giving the borrower valuable flexibility and multiple paths forward in a volatile market.”
Located at 385 E. Las Colinas Boulevard, Alesio Urban Center is a 908-unit mixed-use community situated along Lake Carolyn in the heart of Las Colinas Urban Center. Developed in two phases between 1987 and 1995, the property spans 17.29 acres and consists of 14 three- to six-story residential buildings, a structured parking garage and 23 retail and commercial spaces totaling 55,499 square feet.
Apartment homes feature one-, two- and three-bedroom floorplans with high ceilings, stainless steel appliances, granite and quartz countertops, wood-style flooring, spacious closets, built-in shelving and cabinetry, washer and dryer connections, and private balconies or patios in select units. Community amenities include five resort-style swimming pools with cabanas, a Harbor Fit fitness center, yoga, spin and Pilates studio, business center and conference facilities, media theater, billiards and gaming lounge, lakeside running trail, Aqua Lounge, six European-style courtyards, package concierge services and controlled-access parking.
Alesio Urban Center is located within the landmark Las Colinas Urban Center master-planned development, one of the Dallas-Fort Worth metroplex’s largest employment hubs. The property is within walking distance of both the DART Urban Center Station and the Las Colinas APT Bell Tower Station, providing convenient access throughout the region.
Positioned between Downtown Dallas and Downtown Fort Worth, Las Colinas benefits from direct connectivity to major employment centers, proximity to Dallas Fort Worth International Airport and a growing live-work-play environment that continues to drive residential demand.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
About Harbor Group International
Harbor Group International, LLC is a privately owned global real estate investment and management firm with a focus on multifamily, office, and other real estate asset classes. The firm invests across the risk spectrum, including real estate equity and credit strategies, and manages assets on behalf of a diverse investor base that includes institutional investors, family offices, and private wealth clients. In addition to its corporate headquarters in Norfolk, Virginia, Harbor Group International maintains offices in New York, Baltimore, Los Angeles, Hong Kong, and Tel Aviv. Follow Harbor Group International on LinkedIn.