Harbor Group International Secures $64 Million Bridge Loan for Phoenix Multifamily Project

Harbor Group International, LLC (HGI) has recently announced the provision of a substantial $64 million senior loan to a joint venture comprised of Greystar Development and Crown Realty Group for their newly constructed multifamily property in Phoenix, Arizona, known as Sunela. This funding aims to assist the project during its remaining lease-up period.

The President of HGI, Richard Litton, expressed enthusiasm over the financing arrangement, stating that the bridge loan is instrumental in fostering the project's transition to permanent financing while supporting Greystar and Crown in their leasing objectives. The cooperation signals HGI's commitment to enhancing residential development in the region, especially with the anticipated stabilization of the property set for late 2025.

Located in the Desert Ridge area, dubbed as the fastest-growing zip code in Phoenix in terms of population, Sunela's development responds to the increasing demand for high-quality rental properties. The broader Phoenix metro area has seen an impressive 9.1% projected population growth for the year 2026, making it a hotspot for new residential projects. Currently, Desert Ridge has only seven completed multifamily assets, signaling a clear opportunity for growth and investment in this market.

Moreover, Sunela is strategically positioned within a dynamic employment landscape, close to pivotal amenities including the $2.75 billion Mayo Clinic expansion and Arizona State University's expansive medical campus. The proximity to Fortune 500 companies like Republic Services and Sprouts Farmers Market further reinforces its desirability, promising a steady influx of potential residents seeking convenient living arrangements amidst thriving business districts.

Spanning a total of 272 residential units, Sunela offers a variety of options including studio, one-bedroom, and two-bedroom apartments, amounting to 230,222 rentable square feet. The community features an array of amenities aimed at enhancing the tenant experience, including a modern fitness center, clubhouse café, inviting pool deck, coworking spaces, and cozy fire pits. Residents will benefit from easy access to a wide range of retail and entertainment venues, promoting a balanced live-work-play lifestyle.

Harbor Group International’s latest financial involvement marks another milestone in their lending initiatives, being the 102nd multifamily bridge loan since they launched their whole loan lending platform in late 2020. With an investment portfolio close to $20 billion, HGI stands out in the real estate landscape, managing a vast array of apartment units and commercial space across the United States and the UK.

The collaboration among HGI, Greystar, and Crown Realty emphasizes a shared vision of delivering high-quality residential options that cater to the evolving needs of metropolitan communities. As urban environments continue to grow, strategic investments like this bridge loan are pivotal in shaping sustainable and desirable living spaces for the future.

About Harbor Group International

Founded in 1996, Harbor Group International is a leading real estate investment and management firm with a vast portfolio that includes approximately 57,000 apartment units and over 5 million square feet of commercial properties under its management in various global locations.

About Greystar

Greystar, recognized as a top-tier integrated global real estate company, specializes in property management, development, and investment management across a broad spectrum of rental housing markets. With a significant presence and a comprehensive management platform, Greystar operates a substantial number of residential units worldwide.

About Crown Realty Partners

Crown Realty Partners, established in 1994, focuses on diverse real estate sectors, boasting a notable portfolio that includes millions of square feet across multiple states. With significant experience in managing and developing various property types, Crown continues to play a crucial role in the enhancement of real estate initiatives across the country.