Madison Capital Group has secured a financing package exceeding $223 million for a multifamily portfolio that’s located in the Sun Belt.

Through multiple debt fund lenders, Walker & Dunlop arranged the bridge loans with floating rates to support the deal. The transaction covers five communities and a total of 1,345 units, which all closed in the last nine months.

The assets are located in the Carolinas and Florida. The names of the properties are The Caroline in Indian Land, SC; Madison at Ashley Park in Charlotte, NC; Madison Wakefield in Raleigh, NC; Madison Shores in Pensacola, FL and Madison Fountains in St. Johns, FL.

“We continue to see strong fundamentals across Sun Belt multifamily markets, particularly in communities benefiting from sustained population growth, employment expansion, and long-term housing demand,” Collin Ross, senior vice president of portfolio management at Madison Capital Group, said in a statement.

“Walker & Dunlop’s market knowledge and lender relationships helped us efficiently execute these financings while positioning the portfolio with flexibility to capitalize on continued growth opportunities throughout the Southeast.”

The other perks for the properties, which represent market-rate communities, are that they are located in proximity to retail destinations, transportation corridors and big employment hubs.

While demand and population growth have been resilient, the Sun Belt regions continue to struggle with an influx of supply in the multifamily sector, according to Grant Montgomery, national director of multifamily analytics at CoStar. In many of those markets, vacancy is elevated and rent growth is under pressure, he noted.

Currently, Madison Capital manages 29 residential communities across the U.S., with another seven under development.