ZMR Capital has secured $230 million in equity and debt financing to recapitalize a 1,600-unit multifamily portfolio with properties in Florida, Georgia and Arizona.
The Tampa-based real estate investment firm partnered with an institutional joint venture and secured a five-year, fixed-rate loan from Fannie Mae to complete the transaction. The portfolio includes four apartment communities in Tampa, one in Atlanta and one in Phoenix.
“In a challenging capital environment, securing this high-value recapitalization is testament to our company’s strong track record, high-quality assets and operational ability,” said Zamir Kazi, founder and chief executive officer of ZMR Capital.
ZMR plans to improve the properties through strategic renovations and operational upgrades. Henry Stimler and Ricky Warner of Newmark represented ZMR in the deal.
This is ZMR’s tenth transaction in the past year, totaling $600 million in recapitalizations and $100 million in refinancing.