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A joint venture between ICONIQ Capital and Sentral has obtained $525 million for a six-asset, 1,790-unit portfolio. Deutsche Bank and Goldman Sachs provided the note, a first-of-its-kind, single-asset, single-borrower CMBS loan to refinance flexible apartment properties.

Newmark arranged the financing, while Gibson Dunn and Latham & Watkins also advised on the transaction. The financing terms allow for flexible management and varying durations of stay to enhance property performance.