ECI Group has closed a $625 million refinance of a 13-asset portfolio of multifamily assets through Goldman Sachs Bank USA. ECI will use the proceeds for reinvestment in existing assets and supporting an active development pipeline as well as other company operational capabilities.
The 13-asset portfolio includes 3,478 apartment units in Florida, Georgia, Tennessee and Texas. The assets were built between 1979 and 2021 and are a mix of newly-built Class A and upgrade-ready Class B communities in residential locations in the Southeast and Texas, representing a blend of capital appreciation and in-place yield. Substantial economic and demographic tailwinds are driving strong outperformance in the portfolio's markets with the portfolio average occupancy now standing at 96.57%.
Jones Lang LaSalle Securities served in an advisory role to ECI Group.
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