Acre Supplies $351M Refi for Four-State Multifamily Portfolio

A joint venture involving affiliates of Harbor Group International (HGI), the Garrett Companies and Telis Group has landed a $351 million loan facility to refinance eight newly completed suburban multifamily assets in four states, Commercial Observer

Acre provided the loan for the sponsorship’s 1,572-unit rental housing portfolio of properties developed between 2024 and 2026 across Colorado, Minnesota, Indiana and Arizona. 

“Being able to execute such a large portfolio of eight properties over $350 million I think really speaks to the asset quality and performance overall given the size of it,” Yisroel Berg, chief investment officer for multifamily at HGI, told CO. “This refi was essentially able to take out construction debt and give us some runway to fully stabilize these assets.” 

The eight properties are part of an 11-asset portfolio HGI, Garrett and Telis recapitalized in early 2025. Berg noted that the loan facility will provide for increased flexibility to execute business across the portfolio, where leasing occupancy ranges between 50 and 60 percent in some properties and up to 90 percent in others. 

Walker & Dunlop negotiated the financing with a capital markets team consisting of Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam
Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno, Nicholas Gillhooley, Craig West, Kevin Walsh and Holden Berry.

The portfolio is composed of the 225-unit Nash in Rosemont, Minn.; the 226-unit Maverick in Greenwood, Ind.; the 324-unit Agave Ranch in Glendale, Ariz.; the 158-unit Stone Mesa Flats in Colorado Springs, Colo.; the 128-unit Artifact Townhomes in Aurora, Colo.; Ara Townhomes & Flats with 85 units in Castle Rock, Colo.; the 226-unit Citizen on Constitution in Colorado Springs; and Lennox at Copperleaf with 176 units in Aurora.

Representatives for Acre, The Garrett Companies and Telis Group did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com