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 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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
