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H.I.G. Realty Partners Originates Loan Secured by Two New Dallas/Fort Worth MSA Apartment Complexes

August 25, 2021, 07:00 AM
Filed Under: Real Estate

H.I.G. Capital announced that its affiliate, H.I.G. Realty Partners, has originated a loan to finance the remaining construction and lease-up of The Mark at Denton and The Mark at Weatherford (the “Properties”), a 316-unit and a 355-unit apartment complex located in Denton, TX and Weatherford, TX, respectively. The Properties are being delivered in phases, with the first units already delivered and accepting tenant move-ins. The Properties have been leasing over 35 units per month since leasing efforts began.

The loan was made to CPG Development, an established local developer and operator (the “Sponsor”). The Sponsor acquired the sites in 2019 and 2020 and began construction shortly thereafter.

“We are excited to finance two best-in-class properties located in some of the fastest-growing submarkets in the Dallas/Fort Worth MSA,” said Michael Mestel, Managing Director at H.I.G. Realty Partners. He added, “The Sponsor has constructed two terrific properties and given the pace of the leasing, they are being well received by their respective markets.”

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