ECI Group Announces $625 Million Portfolio Refi

ATLANTA, July 28, 2022 /PRNewswire/ -- ECI Group has closed a $625 million refinance of a 13-asset portfolio of multifamily assets through Goldman Sachs Bank USA, fueling ECI's reinvestment in existing assets and supporting an active development pipeline as well as other company operational capabilities. Jones Lang LaSalle Securities, LLC served in an advisory role to ECI Group.

"This refinancing represents not only affirmation of the performance and success of the company founded more than 50 years ago but positions us extremely well for the future," said ECI Group CEO, Seth R. Greenberg. "ECI Group has maintained a laser focus on being a best-in-class developer, builder, owner and operator of multifamily real estate in the Southeast and Texas. Maintaining and reinvesting in our existing assets is a high priority for us and this capital will be deployed immediately to renovate six properties. Additionally, with our stated goal of completing four ground-up development properties each year, we will invest in other strategies that scale and support long-term growth."

The 13-asset portfolio includes properties in Florida, Georgia, Tennessee and Texas and totals 3,478 apartment units. The assets were built between 1979 and 2021 and are a mix of newly-built Class A and upgrade-ready Class B communities in some of the most desirable residential locations in the Southeast and Texas, representing a well-diversified 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%.

About ECI Group

For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.

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SOURCE ECI Group