Shorecrest Preferred Equity
Miami, FL

HGI funded a $26 million preferred equity investment in Shorecrest Apartments, a 467 unit Class A, newly constructed high rise apartment community in Miami, Florida.

Shorecrest consists of two high rise apartment buildings and one parking garage. Units offer views of the surrounding Biscayne Bay, the Atlantic Ocean and the Miami skyline. The apartments are finished to a luxury standard and the buildings offer condominium-like amenities including a waterfront infinity edge pool, state of the art fitness club and sauna, business center and luxury community room. Retail tenants occupy portions of the ground floor, offering additional amenities to renters.

In addition to the coupon, the preferred equity position will receive a 20% participation on all capital transaction proceeds available for distribution above the valuation at the time of purchase.

Location: Miami, FL
Investment Date: June 2015
Total Capitalization: $142,650,000
Preferred Equity Investment: $26,000,000
Size: 467 units

About HGI

Harbor Group International (HGI) is a leading global real estate investment and management firm. With $12.5 billion in real estate investment properties, the firm invests in and manages diversified property portfolios including office, retail, and multifamily properties. With over 35 years of experience in the industry and over 750 employees worldwide, HGI continues to look for real estate investment opportunities.

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Harbor Group International controls $12.5 billion in real estate investment properties and is constantly exploring real estate investment opportunities in the worldwide market.