Blackstone Provides $125M Refi for Dallas-Area Multifamily Mixed-Use Complex

Harbor Group International (HGI) has secured $124.6 million to refinance Alesio Urban Center, a mixed-use apartment community that combines more than 900 units with 55,500 square feet of retail in Irving, Texas, Commercial Observer can first report. 

Blackstone provided the financing, which will retire existing debt and cover closing costs, while the Berkadia Miami team of Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez arranged the transaction. 

Foschini called HGI a “best-in-class sponsor” in a statement and noted that Blackstone’s saw how a repositioning of the assets would bring in “the most creditworthy tenants in the market” for both its residential and retail components. 

“I’ve closed several landmark deals with Blackstone throughout my career, and their executions are always flawless,” said Foschini. “[In this deal] they provided highly competitive options, giving the borrower valuable flexibility and multiple paths forward in a volatile market.”

Located at 385 East Las Colinas Boulevard within Las Colinas — a 12,000-acre master-planned submarket between Dallas and Fort-Worth — Alesio Urban Center opened in two phases in 1987 and 1995. HGI purchased the asset in 2021 and secured a $122 million refinancing from KKR in 2023 before embarking on a $4.5 million value-add plan, according to Multifamily Housing News. 

The complex sits on more than 17 acres and features 908 units across 14 residential buildings as well as 23 retail and commercial spaces. The apartments are one-bedroom to three-bedroom units, and amenities include five swimming pools, a fitness center and yoga studio, a business center, a movie theater, multiple courtyards, a billiards and gaming lounge, and a lakeside running trail. 

Brian Pascus can be reached at bpascus@commercialobserver.com.