$230 million financing package includes Pasco, Fort Myers, Brandon properties

A $230 million recapitalization of an apartment community portfolio includes three local properties: in Port Richey, Fort Myers and Brandon.

The financing package is for six properties made up of 1,600 units owned in a joint venture between Slate Asset Management and ZMR Capital. 

The Newmark Group, a commercial real estate lender, says the portfolio was on the market but a reevaluation resulted “in a capital restructuring that extended ZMR’s business plan, introduced a long-term institutional partner and injected fresh equity to support a five-year hold strategy.” 

The firm says the package included the introduction of joint venture equity from Slate and the placement of $169 million in senior financing from Fannie Mae. 

The local communities are The Boardwalk Apartments in Fort Myers, Skye Oaks in Brandon and the Hanley Place Apartments in Port Richey. 

The three others are in Mableton, Georgia, Meza, Arizona and Atlanta. 

Newmark’s Rick Warner, Henry Stimler, Bill Weber, Matt Mense and Nicholas arranged the financing.