Dealmaker: NewPoint Real Estate Capital Closes $27M for Multifamily

NewPoint Real Estate Capital, Plano, Texas, provided $27.4 million for multifamily properties in Holiday, Fla. and Oxford, Miss.

NewPoint provided $20.6 million in acquisition financing for The Park at Bergamo, a 244-unit property at 4348 Plaza Drive in Holiday. The transaction was originated by NewPoint Senior Managing Director John Motzel, who worked with Skyline Capital, Brooklyn, N.Y. on the financing.

Berkadia represented the seller facilitator, Tampa-based Blue Roc Premier Properties LLC. Berkadia Senior Managing Directors Jason Stanton and Cole Whitaker, Senior Director David Etchison, Directors Mary Beale and Greg Rainey and Associate Director Lauren Gassie closed the deal on November 19.

The 10-year Fannie Mae Delegated Underwriting and Servicing loan included interest-only payments for the first four years. NewPoint executed the transaction through Fannie Mae’s Sponsor-Initiated Affordability program, which requires the sponsor to maintain at least 20 percent of units affordable to renters earning 80 percent or less of the area median income. 

“Our client received beneficial interest rate pricing due to the mission incentives provided by Fannie Mae under the SIA program and even went beyond what was required, setting aside additional units as affordable,” Motzel said, noting more than 99 percent of The Park at Bergamo qualified as mission-driven for Fannie Mae.

The Park at Bergamo dates to 1975. The seven-building community received a renovation in 2019 and 2020.

NewPoint also closed a $6.8 million HUD loan for Anderson Grove Apartments in Oxford, Miss. NewPoint Managing Director Vincent Langan originated the financing for The Blackburn Group, Oxford, Miss.

The 35-year HUD 223(f) loan refinanced the market-rate 80-unit Anderson Grove Apartments at 1903 Anderson Road in Oxford one-half mile from the University of Mississippi campus.

“We have previously worked with The Blackburn Group and understood they wanted maximum cash-out proceeds along with a fully amortizing, long-term fixed-rate loan,” said Langan. “The HUD 223(f) is the best non-recourse program in the market to provide these terms at the lowest rates.”