Dealmaker: NewPoint Real Estate Capital Provides $87M for Multifamily

NewPoint Real Estate Capital LLC, Plano, Texas, provided $86.6 million to a Harbor Group International affiliate for Alcove at Seahurst in suburban Seattle.

Alcove at Seahurst.
Photo courtesy of NewPoint Real Estate Capital

The 543-unit multifamily community in Burien, Wash., is nine miles south of downtown Seattle.

“This Freddie Mac execution allowed us to hold proceeds based on an advantageous sizing rate for 60 days during a turbulent market,” said Geri Borger Urgo, Head of Production for NewPoint. “As such, we were able to provide Harbor with certainty of terms throughout their acquisition process.”

The seven-year floating-rate loan with a five-year interest-only period will give Harbor flexibility to execute its value-add renovation plan. Harbor’s capital improvement plan will preserve affordable housing in the high-cost Seattle market. Nearly all units qualify as mission-driven, with 99 percent of units affordable at 80 percent of area median income and 20 percent affordable at 60 percent of AMI.

“Alcove at Seahurst will see high demand given its affordability and the lack of new supply in the surrounding area,” said Greg Heller, Managing Director of Acquisitions at Harbor Group International.

Constructed in 1948 as part of the post-World War II house boom, the garden-style Alcove at Seahurst encompasses 44 buildings across 36 acres at 14001 Ambaum Boulevard SW within suburban King County. Nearby corporate headquarters include Amazon, Boeing, Microsoft and Starbucks.