New York, NY — Newmark Group, Inc. (Nasdaq: NMRK) has arranged a $600 million financing package on behalf of Boston-based West Shore, marking one of the largest multifamily transactions in the United States this year.
The loan proceeds will be used to refinance more than $250 million in existing debt across five stabilized assets located in Florida, Virginia, North Carolina, and Kentucky, while also supporting the acquisition of three multifamily properties totaling 1,496 units in South Carolina, Ohio, and Florida.
The transaction was arranged by Newmark Executive Vice Chairman Purvesh Gosalia and Transaction Manager Hayden Hedrick, closing within 60 days. The financing structure includes a $550 million senior mortgage and a $50 million mezzanine loan, both originated by Citi, representing the third-largest multifamily transaction in the U.S. in 2025.
“This financing reflects the strong demand for well-leased, institutionally managed multifamily properties, particularly in high-growth and Sunbelt-adjacent markets,” said Gosalia. “The borrower was able to take advantage of a competitive debt environment to lock in a low cost of capital and generate liquidity to support further portfolio growth.”
Under the leadership of President Lee Rosenthal, West Shore continues to strengthen its position as one of the most active multifamily owners in the Sunbelt region. The firm now oversees more than 18,500 units across nine states.
“Closing a $600 million SASB as borrower and acquiring three multifamily assets in high-growth markets marks a pivotal moment in our expansion strategy,” Rosenthal said. “We’re proud to strengthen our portfolio footprint while continuing to invest in communities that reflect long-term opportunity and resilience.”
The eight-property portfolio encompasses 3,241 units with an average occupancy rate of 93.4% and average unit size of 1,014 square feet. Properties included in the refinancing are located in Richmond, VA; Clearwater, FL; Waxhaw, NC; and Lexington, KY, while the newly acquired communities are situated in Columbus, OH; North Augusta, SC; and Palm Beach Gardens, FL.
Citi’s James Goldberg led the capital markets team that priced the transaction “at the tightest levels achieved of any multifamily SASB so far this year,” underscoring the continued strength of the CMBS market and investor appetite for high-quality, institutionally managed multifamily portfolios.
According to Newmark Research, U.S. multifamily investment volume reached $41 billion in the second quarter of 2025, a 15% increase quarter-over-quarter, driven by easing interest rate volatility and a resurgence in institutional capital flows. The Sunbelt and Southeast regions remain key drivers of national rent growth and absorption, fueling portfolio-level activity like West Shore’s latest expansion.
