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Newmark Arranges Refi of 3 Florida Multifamily Communities
Newmark arranged the $230 million recapitalization of a six-property, 1,600-unit multifamily portfolio on behalf of Slate Asset Management and ZMR Capital (“ZMR”). Three properties are in Florida, and the others are in Georgia and Arizona.
The transaction includes the introduction of joint venture equity from Slate Asset Management and the placement of $169 million in senior financing from Fannie Mae.
Originally slated for sale, the portfolio was re-evaluated, resulting in a capital restructuring. A long-term institutional partner was introduced, and fresh equity was injected to support a five-year hold strategy.
Newmark Director Ricky Warner arranged the transaction alongside Henry Stimler, Bill Weber, Matt Mense and Nicholas Matzorkis.
Warner added, “By unlocking a joint venture structure with new capital and long-term agency financing, we helped position ZMR and Slate for continued success in the multifamily market.”
The three Florida properties include:
- The Boardwalk Apartments – Fort Myers, FL
- Skye Oaks – Brandon, FL
- Hanley Place Apartments – Port Richey, FL
- ◦Financing
