West Shore Secures $600M in Third-Largest Multifamily Deal of 2025
Newmark has arranged a $600 million total loan package on behalf of West Shore, supporting both refinancing and acquisition efforts across multiple states. The funds will be used to refinance over $250 million in existing debt on five stabilized properties located in Florida, Virginia, North Carolina, and Kentucky. Additionally, the financing will facilitate the acquisition of three multifamily assets totaling 1,496 units in South Carolina, Ohio, and Florida.
The transaction was managed by Newmark’s Executive Vice Chairman Purvesh Gosalia and Transaction Manager Hayden Hedrick and was successfully closed within 60 days. The capital structure includes a $550 million senior mortgage and a $50 million mezzanine loan originated by Citi. The deal ranks as the third-largest multifamily transaction in the United States for 2025, according to Newmark.
This marks West Shore’s second SASB (Single-Asset, Single-Borrower) transaction in the past 12 months. Under the leadership of President Lee Rosenthal, the Boston-based firm has grown its multifamily portfolio 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.
