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West Shore Scores $533M Refi on 9 SE Properties
West Shore, with the help of Newmark, refinanced nine Class A, Garden-style multifamily properties across the Sunbelt. Three properties were in South Carolina, two in Florida, and one each in Georgia, Tennessee, Kentucky and Texas. The portfolio includes 2,806 units and was arranged by Newmark’s Purvesh Gosalia on behalf of West Shore.
The financing will retire existing bridge debt and return capital to equity partners. Citigroup, utilizing a Single Asset, Single Borrower loan structure, was the lender.
West Shore owns and operates a portfolio of 15,200 units at 48 multifamily properties across seven states, with a total market value of more than $3.5 billion, which identifies contrarian markets and sub-markets. The group also says it identifies areas with a specific growing confluence of “Gen X” and “Millennials.”
- ◦Financing
