Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark"), a leading commercial real estate advisor and service provider to global corporations, institutional investors, and owners and occupiers, announced the company has arranged a $690 million loan on behalf of West Shore for the refinancing of 13 multifamily properties spanning Florida, Kentucky, South Carolina, Tennessee and Texas.
Officials said the transaction represents the largest multifamily closing in the U.S. year-to-date.
Newmark Capital Markets Executive Vice Chairman Purvesh Gosalia represented the borrower, West Shore, in securing the cash-out, single-asset single-borrower (SASB) refinancing, which was originated by Citi.
The closing marks Newmark's third SASB transaction with West Shore, totaling $1.8 billion of loan proceeds in the past 15 months, following the firm's $600 million financing of eight multifamily properties in October, and further underscores West Shore's continued momentum and presence among the most active multifamily owners in the Sun Belt region.
"This transaction highlights the strong investor appetite for well-located, institutional-quality multifamily assets across the Southeast and Sun Belt," said Gosalia. "West Shore's portfolio attracted highly competitive financing, reflecting the continued appeal of these markets to institutional capital."
The portfolio comprises 4,077 units across a mix of garden-style and townhome communities, offering one- to three-bedroom floorplans and coveted amenities such as pools, fitness centers, pet parks, clubhouses and outdoor spaces.
Assets are located across five Florida cities – Daytona Beach, Gainesville, Melbourne, Ocala and Tallahassee – as well as Columbia and Lexington, South Carolina; Knoxville, Tennessee; and Bryan, Texas.
According to Newmark Research, multifamily debt originations increased 37 percent year-over-year in 2025.
Investor capital continues to concentrate in the Sun Belt markets, which together accounted nearly 45 percent of investment sales activity in 2025.
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