Dealmaker: NewPoint Provides $69 Million in HUD Refinancing for Denver Multifamily

NewPoint Real Estate Capital LLC provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance a multifamily property in Westminster, Colo.

The 255-unit property, called Ascent, is an urban-style, mixed-use community with 25,625 square feet of retail space.

The loan was originated by NewPoint Senior Managing Director John D. Motzel. Loan proceeds were used to pay off a two-year lease-up bridge loan provided by Barings, a subsidiary of MassMutual.

“We started the HUD process during lease-up and were able to execute swiftly once Ascent stabilized,” Motzel said. “The 223(f) program is known for its attractive pricing and terms, and we secured a historically low fixed rate by utilizing a green MIP reduction. Ascent is now positioned for long-term success with a 35-year loan term and an attractive step-down prepayment schedule.”

Ascent was built in 2019 and offers access to both Denver and Boulder, Colo. Ten percent of the units at Ascent are affordable at 80% area median income. The five-story elevator building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Ascent also includes 12 townhome-style units with attached two-car garages.

The Carlton Group’s Kyle Morgue served as the broker on the transaction.