Harbor Group International Provides $64 Million Bridge Loan to Newly Built Multifamily Property in Phoenix

HGI lends on newly built one-building, 272-unit property in Desert Ridge

PHOENIX, May 5, 2025 /PRNewswire/ -- Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced it provided a $64 million senior loan to a joint venture between Greystar Development ("Greystar") and Crown Realty Group ("Crown") for Sunela, a newly built multifamily property in Phoenix, Arizona.

"We're pleased to support Greystar and Crown with this bridge loan to cover the remaining lease-up period," said Richard Litton, President of HGI. "With stabilization anticipated in late 2025, we look forward to enabling the lease up and supporting their transition to permanent financing."

The property is located within Desert Ridge, the fastest-growing Phoenix zip code by population. The broader Phoenix metropolitan area population is expected to increase by 9.1% in 2026 and is ranked #1 in the nation for the largest numeric population growth over the last decade. With only seven completed multifamily assets located within Desert Ridge, Sunela's development will support the growing need for high-end rental product in the area. 

The property is also located within a job-rich environment, situated near the $2.75 billion Mayo Clinic expansion, Arizona State University's 26-acre medical campus and two of Arizona's ten Fortune 500 corporate headquarters, Republic Services and Sprouts Farmers Market.

Sunela features 272 units spanning a mix of studio, one-bedroom, and two-bedroom units with 230,222 rentable square feet. Community amenities include a fitness center, clubhouse café, pool deck, coworking spaces, and fire pits. Residents enjoy close proximity to diverse retail and entertainment options, which provide an all-encompassing live-work-play lifestyle.

The loan marks HGI's 102nd multifamily bridge loan since establishing its whole loan lending platform in late 2020.

About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 57,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. Follow HGI on LinkedIn.

About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $320 billion of real estate in nearly 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $79 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com. 

About Crown Realty Partners
Established in 1994, Crown Realty is headquartered in Costa Mesa, California with offices in Beverly Hills and Phoenix. The firm's current portfolio exceeds 4.7 million square feet of industrial, office, retail, mixed-use, and residential developments. Properties span across various states, including California, Oregon, Idaho, Arizona, Missouri and North Carolina.

Media Contact:
Prosek Partners for HGI
Pro-hgi@prosek.com 

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SOURCE Harbor Group International, LLC