Dealmaker: Newmark Arranges $690M for Refinancing of Sun Belt Multifamily Portfolio

(Part of the West Shore portfolio, courtesy of Newmark)

Newmark, Washington, D.C., arranged a $690 million loan to refinance 13 multifamily properties across Sun Belt states

Newmark Capital Markets Executive Vice Chairman Purvesh Gosalia represented the borrower, West Shore, in securing the cash-out, single-asset single-borrower refinancing, which was originated by Citi.

In all, the portfolio includes 4,077 units in a range of styles and sizes and with a variety of ameneties. The properties are in Florida, Kentucky, South Carolina, Tennessee and Texas.

“This transaction highlights the strong investor appetite for well-located, institutional-quality multifamily assets across the Southeast and Sun Belt,” said Gosalia. “West Shore’s portfolio attracted highly competitive financing, reflecting the continued appeal of these markets to institutional capital.”