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H.I.G. Realty Partners Originates $85MM Loan Secured by a 286-Unit Apartment Complex

November 16, 2021, 07:14 AM
Filed Under: Real Estate

H.I.G. Capital ("H.I.G."), announced that its affiliate, H.I.G. Realty Partners, has originated a loan to finance Pier 33 (the “Property”), a 286-unit, newly-developed, Class A, apartment complex located along the Cape Fear River in Wilmington, North Carolina. The Property was completed in late 2020.

The loan was made to Dewitt Carolinas, an established southeastern developer and operator (the “Sponsor”). The Sponsor acquired the vacant site in 2014 and began construction in early 2019. The Property is considered best-in-class with high-end apartment finishes and numerous amenities.

“We are excited to finance one of the best and highest-quality properties with a premier riverfront location in the growing Wilmington, NC market,” said Michael Mestel, Managing Director at H.I.G. Realty Partners. He added, “The Sponsor has built an exceptional product and we are looking forward to being a part of its continued strong performance.”

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