US multifamily real estate investment firm ZMR Capital has recapitalised a $230m portfolio using equity from an unnamed institutional joint venture and a loan from Fannie Mae.
ZMR said it has recapitalised the 1,600-unit multifamily portfolio which includes four properties in Tampa and one each in Atlanta and Phoenix.
ZMR said the latest deal represents its tenth transaction in the last 12 months, with the total value of its recapitalisations and refinancings now reaching $600m and $100m, respectively.
Zamir Kazi, founder and CEO of ZMR Capital, said: “In a challenging capital environment, securing this high-value recapitalisation is testament to our company’s strong track record, high-quality assets and operational ability.
“We are very excited to have reset our basis at an attractive price, as well as giving ourselves additional runway as the market rebounds.”
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