NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower.
Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include:
- Parker East Village (Lady Lake, Fla.)
- Uptown Village (Gainesville, Fla.)
- The Sovereign Apartments (Fort Worth, Texas)
- The Preserve at Godley Station (Pooler, Ga.)
- Bridle Creek Apartments (Lexington, Ky.)
- The Pointe at Five Oaks (Lebanon, Tenn.)
- 17 South Apartments (Charleston, S.C.)
- Vantage at Wildwood (Columbia, S.C.)
- Slate Nexton Apartments (Summerville, S.C.)
Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.
According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing.
Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million.
— Hayden Spiess