West Shore, with the help of Newmark, has secured a $533 million refinance loan on its Class A, Garden-style multifamily properties across the Sunbelt Region. This refinancing will encompass a total of 2,806 units spread across nine properties in six different states, all of which were acquired in 2021 or 2022. The portfolio includes two properties in Florida, three in South Carolina, one in Texas, one in Georgia, one in Kentucky, and one in Tennessee.
The names of the properties affected include Parker East Village, Uptown Village, The Preserve at Godley Station, The Sovereign Apartments, Bridle Creek Apartments, Slate Nexton Apartments, 17 South Apartments, Vantage at Wildwood, and The Pointe at Five Oaks.
Citigroup was the lender and used a Single Asset Single Borrower loan structure, while Newmark’s vice chairman, Purvesh Gosalia, secured the financing. The loan carries a fixed rate, which was not disclosed. The financing will retire existing bridge debt and return capital to equity partners.
“The transaction highlights continued investor interest in Sunbelt Region markets, with West Shore’s portfolio benefiting from strong population growth and demand for high-quality rental housing in these regions,” Newmark said in a statement.
West Shore owns and operates a portfolio of 15,200 units at 48 multifamily properties across seven states, with a total market value of more than $3.5 billion, which identifies contrarian markets and sub-markets. The group also says it identifies areas with a specific growing confluence of “Gen X” and “Millennials.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a leading advisor and service provider to large institutional investors, global corporations and other owners and occupiers of commercial real estate. We offer a diverse array of integrated services and products designed to meet the full needs of our clients.
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