Atlanta & Southeast + Atlanta + Finance | August 1, 2022

ECI Group has closed a $625-million refinance of a 13-asset portfolio of multifamily assets through Goldman Sachs Bank USA.

ECI Group Refinances Multifamily Portfolio with $625M from Goldman Sachs

Atlanta, GA-based ECI Group has closed a $625-million refinance of a 13-asset portfolio of multifamily assets through Goldman Sachs Bank USA.

Ted Flagg, Roberto Casas, Chip Sykes, Elliott Throne and Anderson Granger of Jones Lang LaSalle Securities, LLC, served in an advisory role to ECI Group.

The 13-asset portfolio includes properties in FL, GA, TN and TX and totals 3,478 apartment units. The assets were built between 1979 and 2021 and are a mix of newly built Class A and upgrade-ready Class B communities. ECI Group notes that economic and demographic tailwinds in the portfolio’s markets are supporting the portfolio’s average occupancy of 96.6%.

“Maintaining and reinvesting in our existing assets is a high priority for us and this capital will be deployed immediately to renovate six properties,” said ECI Group CEO Seth Greenberg. “Additionally, with our stated goal of completing four ground-up development properties each year, we will invest in other strategies that scale and support long-term growth.”

Photo: Columns at Bear Creek in New Port Richey, FL courtesy ECI Group

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ECI Group's Greenberg

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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