**Newmark Finalizes $230M Recapitalization for 1,600-Unit Multifamily Portfolio**
Newmark has arranged the $230 million recapitalization of a six-property, 1,600-unit multifamily portfolio on behalf of Slate Asset Management and ZMR Capital. The portfolio spans three states, including properties in Florida, Georgia, and Arizona.
The deal brings in joint venture equity from Slate Asset Management and includes $169 million in senior financing through Fannie Mae.
Originally intended for sale, the portfolio underwent a strategic shift resulting in a capital restructuring. A long-term institutional partner was introduced, along with new equity, to support a five-year hold strategy moving forward.
The transaction was led by Newmark Director Ricky Warner, in collaboration with Henry Stimler, Bill Weber, Matt Mense, and Nicholas Matzorkis.
“By unlocking a joint venture structure with new capital and long-term agency financing, we helped position ZMR and Slate for continued success in the multifamily market,” said Warner.
The Florida properties involved in the recapitalization are:
– The Boardwalk Apartments – Fort Myers, FL
– Skye Oaks – Brandon, FL
– Hanley Place Apartments – Port Richey, FL
