Dealmaker: NewPoint Real Estate Capital Provides $158M in Freddie Mac Financing
NewPoint Real Estate Capital LLC, Plano, Texas, provided $157.9 to Bard Investment Co. to refinance a four-property multifamily portfolio in Arizona.
The conventional garden-style communities include the 472-unit Villagio in Tempe, the 200-unit Chandler Meadows in Chandler and the 222-unit Stonegate and 201-unit Fiesta Village, both located in Mesa.
NewPoint Executive Managing Director Jay Blasberg and Managing Director Jarett Blasberg originated the four 10-year Freddie Mac loans.
“Our client was able to pull out a substantial amount of built-up equity while locking in 10-year interest-only payments at historically low interest rates within a few days of application,” Jay Blasberg said, noting Bard Investment Co. has been adding value to the assets over time through unit renovations and common area upgrades.
In March NewPoint provided a $93 million bridge loan for an Atlanta multifamily high-rise property, Skyhouse Midtown.
The NewPoint loan financed the purchase and proposed renovation of the 320-unit, 23-story property that new owner RADCO rebranded The M by Radius. Built in 2013, The M by Radius was the first glass-curtain residential high-rise built in Midtown Atlanta. Located at the corner of West Peachtree and 12th Street, the property sits directly across the street from Google’s new regional hub.
The two-year interest-only loan from NewPoint included three one-year extension options. The loan structure allows for future funding for capital improvements.
