Overview
- Harbor Group International secured a roughly $124.6–$124.7 million refinancing for Alesio Urban Center in Irving, Texas, with financing provided by Blackstone and arranged by Berkadia.
- Proceeds will retire the prior KKR-issued mortgage and cover closing costs, replacing the roughly $122 million loan that financed the property in 2023.
- Alesio spans more than 17 acres on Lake Carolyn and includes 908 units across 14 buildings plus about 55,500 square feet of retail, assets that underwrite the loan’s size and lender interest.
- HGI bought the property in 2021 and has executed a roughly $4.5 million value-add program to upgrade units and amenities, a strategy lenders cited when supporting the new financing.
- The deal reflects a broader return of big institutional debt capital to multifamily lending after Blackstone closed an approximately $8 billion real-estate debt fund and originations rose earlier this year, giving sponsors more financing options going forward.