Newmark Arranges $600 Million Financing for West Shore Involving Eight Multifamily Properties in the Southeast and Midwest
NEW YORK, Oct. 30, 2025 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has arranged a $600 million total loan package on behalf of West Shore, with proceeds supporting the refinancing of more than $250 million in existing debt across five stabilized properties spanning Florida, Virginia, North Carolina and Kentucky, as well as the acquisition of three multifamily assets totaling 1,496 units across South Carolina, Ohio and Florida.
Newmark Executive Vice Chairman Purvesh Gosalia and Transaction Manager Hayden Hedrick represented West Shore in the transaction, which closed within 60 days. The capital stack includes a $550 million senior mortgage and a $50 million mezzanine loan originated by Citi, making it the third-largest multifamily transaction in the U.S. in 20251.
The closing marks West Shore’s second SASB transaction in the past 12 months, exemplifying the firm’s continued growth among the most active multifamily owners in the Sunbelt region. Under the leadership of President Lee Rosenthal, West Shore has expanded its footprint to 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,” said Rosenthal. “We’re proud to strengthen our portfolio footprint while continuing to invest in communities that reflect long-term opportunity and resilience.”
Citi’s market-leading capital markets team, led by James Goldberg, was able to price the transaction at the tightest levels achieved of any multifamily SASB so far this year. This transaction underscores the strength of the current CMBS market and investor demand for high quality multifamily portfolios with best-in-class sponsorship.
“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.”
The eight-property portfolio comprises 3,241 units with a blended occupancy of 93.4% and average unit size of 1,014 square feet. Communities included in the refinancing are located in Richmond, Virginia; Clearwater, Florida; Waxhaw, North Carolina and Lexington, Kentucky. The newly purchased properties are located in Columbus, Ohio; North Augusta, South Carolina and Palm Beach Gardens, Florida.
