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

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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.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, November 16, 2021
Information
Tags: 
Professional Services, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Banking, H.I.G. Capital, Property, Paulo, Investment, Cape Fear River, BDC, Whitehorse, Sponsor, Acquisition, Liquid Realty Partners, CLO, Northeast Cape Fear River, Security (finance), Financial services, Commercial property, H.I.G. Realty Partners, H.I.G. Capital, Dewitt Carolinas, Inc., H.I.G. REALTY PARTNERS, H.I.G. CAPITAL, DEWITT CAROLINAS, INC.
Geotags: 
North Carolina, NEW YORK, United States, Canada, NC, HAMBURG, CAROLINAS, DALLAS, WILMINGTON, MADRID, PARIS, RIO DE JANEIRO, EUROPE, LATIN AMERICA, SAN FRANCISCO, CHICAGO, BOSTON, RALEIGH, MIAMI, MILAN, LONDON, LOS ANGELES
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Summary
Key Points: 
  • 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 loan was made to Dewitt Carolinas, an established southeastern developer and operator (the Sponsor).
  • H.I.G.
  • Realty Partners is the real estate platform of H.I.G.


H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $45 billion of equity capital under management, is pleased to announce 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.”

About H.I.G. Realty Partners

H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global alternative assets investment firm with over $45 billion of equity capital under management. H.I.G. Realty Partners manages $8.2 billion of assets and focuses on small-to-mid cap real estate, targeting both equity and debt investments across all property types located throughout the U.S., Europe, and Latin America. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. Equity investments are concentrated on the acquisition of value-add assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed. 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 over $45 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:

  1. 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.
  2. 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.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  4. 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 300 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.

About Dewitt Carolinas, Inc.

Dewitt Carolinas Inc. is a Raleigh based full-service diversified real estate company with over 20 years of experience across more than 200 projects throughout the Carolinas. Dewitt Carolinas specializes in office/retail/multifamily development, construction management, property management and leasing. For more information visit www.dewittcarolinas.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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