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NEW YORK CITY — Newmark has arranged a $533 million loan for the refinancing of a portfolio spread across six states in the Sun Belt. Boston-based investment firm West Shore was the borrower. Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.
The portfolio totals 2,806 units across nine garden-style properties. The assets include:
- Parker East Village (Lady Lake, Florida)
- Uptown Village (Gainesville, Florida)
- The Sovereign Apartments (Fort Worth, Texas)
- The Preserve at Godley Station (Pooler, Georgia)
- Bridle Creek Apartments (Lexington, Kentucky)
- The Pointe at Five Oaks (Lebanon, Tennessee)
- 17 South Apartments (Charleston, South Carolina)
- Vantage at Wildwood (Columbia, South Carolina)
- Slate Nexton Apartments (Summerville, South Carolina)
Newmark is headquartered in New York City. The company 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.