HRI Properties announced yesterday that they had secured $50 million in funding from New York-based Almanac Realty Investors, just two years after Almanac committed $150 million.
Almanac managing director Justin Hakimian said in a news release that the additional capital was needed given HRI’s continued growth on 16 new projects across eight states and an aim towards an IPO.
Since its founding in 1982, HRI Properties has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion. The company has a national portfolio of 1,500 apartments and 2,200 hotel rooms.
HRI’s founder and long time CEO Pres Kabacoff recently stepped down to become chairman, and was replaced by Tom Leanoard.
Recently in New Orleans, HRI’s projects have included the$100 million Aloft hotel in the CBD, the $40 million Homewood Suites and residences on the edge of the French Quarter, and the 23 story Hibernia Bank building, among others. HRI reportedly did over $170 million in revenue in 2014 and recently raised $150 million in equity for future projects.
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