West Shore Financing Marks 2025’s Third-Largest Multifamily Transaction
Newmark 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, along with the acquisition of three multifamily assets totaling 1,496 units across South Carolina, Ohio and Florida.
Executive vice chairman Purvesh Gosalia and transaction manager Hayden Hedrick represented West Shore. The transaction 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 U.S. multifamily transaction in 2025, according to Newmark.
The closing marks West Shore’s second SASB transaction in the past 12 months. Led by president Lee Rosenthal, Boston-based West Shore has expanded its footprint to more than 18,500 units across nine states.
“This financing reflects the strong demand for well-leased, institutionally managed multifamily properties, particularly in high-growth and Sunbelt-adjacent markets,” said Gosalia.
Pictured: West Shore’s River Lofts at Tobacco Row, Richmond, VA.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout