Commercial/Multifamily Briefs, August 11, 2022
NewPoint Real Estate Capital, Morgan Properties Launch NewPoint Impact
NewPoint Real Estate Capital, Plano, Texas, launched NewPoint Impact, a proprietary affordable housing lending platform that pairs private capital with government-subsidized products to deliver affordable housing financing.
NewPoint Impact is a partnership between NewPoint and Morgan Properties, one of the largest multifamily owners in the U.S.
Under the leadership of NewPoint President of Affordable Strategies Rob Wrzosek, NewPoint’s Proprietary Affordable Team will work closely with the firm’s originators and mortgage broker partners to offer the suite of NewPoint Impact products that provides affordable housing developers with flexible, custom-tailored solutions from construction loans to long-term permanent financing. Financing amounts start at $8 million and are available to both for-profit and non-profit 501(c)(3) developers, with terms ranging from two to 40 years, depending on the execution.
NewPoint Impact will finance the construction and/or acquisition/rehabilitation of affordable housing through a variety of financial products, including:
• NewPoint Impact 4% Tax-Exempt Bond Financing. NewPoint Impact will provide both construction and/or acquisition/rehabilitation, as well as permanent financing in conjunction with the 4% LIHTC program.
• NewPoint Impact 4% Fannie Mae M.TEBs. NewPoint Impact will provide construction or acquisition/rehabilitation financing through a municipal bond product while Fannie Mae writes an unfunded forward commitment for permanent financing pursuant to its MBS as Tax-Exempt Bond Collateral (M.TEB) execution.
• NewPoint Impact Synthetic 221(d)(4). NewPoint Impact will provide construction or acquisition/rehabilitation financing, and, upon conversion, NewPoint Impact will underwrite FHA 223(f) permanent financing.
• NewPoint Impact Resyndication Bridge Loan. NewPoint Impact will provide bridge loans for the acquisition or refinancing of affordable housing being repositioned for a recapitalization with 4% LIHTCs, with permanent financing expected to be provided by NewPoint Real Estate Capital.
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Walker & Dunlop to Sponsor Rutgers University’s Center for Real Estate
Walker & Dunlop, Bethesda, Md., said it will be a corporate sponsor of the Rutgers Center for Real Estate, pledging to help students, especially those from minority backgrounds, to better prepare for careers in the commercial real estate industry.
Irelynne Estevez-Waller, Vice President of Diversity & Inclusion at Walker & Dunlop, said the firm seeks to open doors for students who otherwise would not have this opportunity. “Working with Rutgers allows us to lend our expertise to those who are interested in our industry and ultimately develop a new diverse talent pool,” she said.
Students will enter into competitions that test their knowledge of commercial real estate finance and development in real-world situations. One of the available internships is through Project Destined, a non-profit that specializes in training underserved youth about real estate and investments.
“Our alliance with Rutgers will provide students with the network and experience that will enhance their resumes and prepare them for jobs upon graduation. By supporting these types of projects, we are helping to ensure a diversified talent pipeline in the commercial real estate industry,” Estevez-Waller said.
