West Shore has secured a $533 million loan to refinance its Class A multifamily portfolio located in 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 exact names of the properties were not revealed.
Citigroup was the lender and used a Single Asset Single Borrower loan structure, while Newmark secured the financing. The loan carries a fixed rate, which was not disclosed.
“The transaction highlights continued investor interest in Sunbelt 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.
Since the pandemic, the Sunbelt has seen a boom in population growth. However, multifamily landlords have faced challenges of high supply, as of late. But developers in the multifamily space are still looking for opportunities, as highlighted by panelists at GlobeSt.’s recent Fall conference.