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ZMR Capital has completed the recapitalization of a six-property, 1,600-unit Sun Belt portfolio with $230 million in joint venture equity from Slate Asset Management and debt financing featuring a five-year, fixed-rate $169 million loan from Fannie Mae. The portfolio comprises three apartment communities in Florida, two in Georgia and one in Arizona.

Slate Asset Management, a Chicago-based global investment and asset management firm, announced last month it had agreed to purchase the portfolio of garden-style apartment properties.

Newmark Director Ricky Warner arranged the recapitalization transaction on behalf of Slate and ZMR with Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense and Associate Nicholas Matzorkis. King & Spalding advised Slate on the transaction.