A Boston-based apartment owner just closed one of the biggest multifamily deals of the year, wrapping up $600 million in financing that both refinanced older debt and funded three new property purchases in a single 60-day sprint. The transaction pushed West Shore’s national portfolio past 18,500 units across nine states, touching properties as far-flung as Richmond, Virginia and Columbus, Ohio.
Newmark arranged the $600 million loan package for West Shore, according to Connect CRE, with the money split between refinancing more than $250 million in existing debt and funding new acquisitions. The debt itself was structured as a $550 million senior mortgage CMBS note, issued through Citi Real Estate Funding with Deutsche Bank serving as trustee, plus a $50 million mezzanine loan layered on top, as detailed by Multi-Housing News.
The refinancing portion covered five stabilized properties in Richmond, Virginia; Clearwater, Florida; Waxhaw, North Carolina; and Lexington, Kentucky, per the same Connect CRE report. One of those, The River Lofts at Tobacco Row, is the Richmond property West Shore acquired in December 2024, according to Connect CRE’s coverage of the deal’s regional context.
Acquisitions Add 1,496 Units Across Three States
The financing also supported buying three more communities, adding 1,496 units in Columbus, Ohio; North Augusta, South Carolina; and Palm Beach Gardens, Florida. Those purchases totaled a combined $332.9 million, according to the Connect CRE report, and included the 542-unit Palm Beach Gardens Apartments, the 674-unit Quarry in Columbus for $130.5 million, and the 280-unit Ironwood Apartments in North Augusta…