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Harbor Group, Cammeby’s JV on $1B Portfolio of NJ Multifamily
Harbor Group International, LLC (HGI) completed a $1.05-billion joint venture with Cammeby’s International Group to acquire a portfolio of multifamily assets throughout New Jersey. The portfolio consists of 41 workforce housing communities, totaling 5,302 units and spanning 14 cities across the state.
“This portfolio offers significant value-add potential and mark-to-market opportunity amid growing demand for housing outside of large urban cities,” said Richard Litton, President, HGI. “We are pleased to have an experienced partner in Cammeby’s as we embark on this venture, given their strong presence in the region.”
Eastdil Secured brokered the transaction and advised on the debt alongside Meridian Capital Group.
“Working in direct coordination with Capital One and Freddie Mac allowed us to secure a combination of fixed- and floating-rate financing that provided optimal flexibility in the short-term while allowing them to achieve their long-term goals for the assets,” said Abe Hirsch, senior managing director at Meridian.
- ◦Sale/Acquisition
