West Shore Lands $630M Refi for Sun Belt Portfolio

West Shore has secured a $630 million refinancing loan for a 13-property multifamily portfolio, according to credit rating agency Fitch and a Morningstar DBRS report. Citi Real Estate Funding Inc. issued the note.

Wilmington Savings Fund Society and FSB Properties served as trustees, while Trimont and Situs Holdings are master and special servicer, respectively. The transaction also includes a $60.5 million mezzanine loan originated by Prime Finance Short Duration Holding Co. 9.

The transaction follows Citi Real Estate Funding origination of a $600 million loan to West Shore in October 2025, for a 3,241-unit portfolio. That collection spans six states.

A Sun Belt multifamily portfolio

The assets relating to the current transaction are located across five states, namely Florida, Texas, Tennessee, South Carolina and Kentucky. The portfolio comprises 4,077 apartments, out of which 3,497 are market rate units and 580 are affordable housing.

The communities came online between 1983 and 2020. As of January 2026, the portfolio boasted an occupancy rate of approximately 93 percent. West Shore purchased the properties separately, between 2016 and 2021 and invested nearly $27 million in capital investments since. In order of acquisition, the assets are:

• the 120-unit Veridian Townhomes at 2420 Central Park Drive in Melbourne, Fla.
• the 444-unit Legacy at Fort Clarke at 7700 W. Newberry Road in Gainesville, Fla.
• the 260-unit Reserve at Mill Landing at 809 E. Main St. in Lexington, S.C.
• the 264-unit Legends at Oak Grove at 5605 Holly Grove Way in Knoxville, Tenn.
• the 657-unit Lake Walk at Traditions at 8175 Atlas Pear Drive in Collage Station, Texas
• the 328-unit Deerwood Village at 1850 SE 18th Ave. in Ocala, Fla.
• the 260-unit Town Center at Lake Carolina at 20 Helton Drive in Columbia, S.C.
• the 352-unit Live Oaks at Killearn at 1555 Delaney Drive in Tallahassee, Fla.
• the 222-unit The Greens at Old St. Augustine at 2001 Old Saint Augustine Road in Tallahassee, Fla.
• the 184-unit 2305 at Killearn at 2305 Killearn Center Blvd. in Tallahassee, Fla.
• the 315-unit Lake Walk 8175 at 8175 Atlas Pear Drive in College Station, Texas
• the 301-unit 500 East at 1851 LPGA Blvd. in Daytona Beach, Fla.
• the 370-unit Haven on Tucker at 12601 Charles Farm Circle in Louisville, Ky.

In the third quarter of 2025, multifamily lending contributed to the broader rebound of commercial real estate financing, with multifamily mortgage loan originations rising approximately 27 percent year-over-year and 12 percent quarter-over-quarter, according to a survey by Mortgage Bankers Association. It also marked the fifth consecutive quarter of both annual and sequential growth in borrowing activity, reflecting improving market sentiment and stabilized property values consistent with broader multifamily market predictions.