H.I.G. Capital News
H.I.G. Realty Credit Partners
1271 Avenue of the Americas
New York, NY 10020
H.I.G. Realty Credit Partners Originates $62.5 Million Loan Secured by a 135-Unit Class A Multifamily Building
NEW YORK – February 7, 2023 – H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $54 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Credit Partners, has originated a loan to finance 540 Waverly (the “Property”), a 135-unit newly constructed, Class A multifamily development located in Brooklyn, New York.
The nine-story Property was delivered to market in October 2022 and contains 135 rental apartment units, 6,336 SF of ground floor retail space, and a 56-car enclosed parking garage. Units feature floor-to-ceiling windows, custom kitchen cabinetry, quartz countertops, and modern chrome finishes. The Property’s luxury amenities include a doorman, fitness center, landscaped rooftop terrace with grills, seating and cabanas, and a tenant lounge featuring a work/study space, billiards table and media/entertainment area.
“We are excited to be a part of such a well-built and well-located property in the growing Clinton Hill neighborhood of Brooklyn,” said Michael Mestel, Managing Director at H.I.G. Realty Credit Partners. He added, “the Brooklyn multifamily market continues to perform well and we’re confident in the project’s success.”
About H.I.G. Realty Credit Partners
H.I.G. Realty Credit Partners is the real estate lending platform of H.I.G. Capital, a leading global alternative assets investment firm with $54 billion of equity capital under management. H.I.G. Realty Credit Partners originates first-mortgage loans, mezzanine loans and preferred equity investments backed by high-quality, middle market properties across all major real estate asset classes and geographies. It focuses on the markets and cities in the U.S. with favorable macroeconomic dynamics with a particular focus on transitional properties and complex business plans. The approach is a bottoms-up underwriting of both the property and the local market to bring to bear the most flexible and accretive loan structures. H.I.G. Realty Credit Partners has originated over $3 billion of loans across more than 30 investments since its inception. For more information, please refer to the H.I.G. website www.higcapital.com.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with $54 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.