Nitya Capital has landed a $700 million deal to refinance its 18-property multifamily portfolio.
The new terms include a senior fixed-rate loan, which was securitized and originated by Citi. According to a statement from Nitya, the refinancing offering attracted "significant participation from globally recognized investment firms."
The portfolio mostly includes major Sunbelt markets such as Nashville, Phoenix, the Carolinas, Las Vegas and Dallas. The only region where the multifamily assets are located outside the Sunbelt is Indianapolis. The properties are split between Class A student housing assets and Class B rentals at market rates. The exact names of refinanced sites were not clear.
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"This refinancing validates the enduring strength of our portfolio and our disciplined investment approach," Swapnil Agarwal, founder and CEO of Nitya, said.
"Amidst rising interest rates and market dislocation, we delivered institutional execution with premier global capital partners."
In the multifamily sector, Nitya has closed $10 billion worth of acquisitions across nearly 50,000 units since its establishment in 2013. Additionally, according to the company, it has never achieved investor loss from its 81 total realized exits, with its internal rate of return averaging 22 percent.
While tariffs and interest rates present challenges for costs in CRE, a first-quarter survey from Altus Group shows optimism is picking back up for multifamily. Some 62 percent of respondents polled by CRE firm now see the asset class as a potential top performer compared with 46 percent a year ago. High mortgage rates are forcing people to rent, as opposed to owning.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
