Done Deals: NewPoint Real Estate Capital Provides $20.6 Million in Fannie Mae DUS® Financing for Multifamily Property Acquisition in Holiday, FL

Thursday, December 30, 2021

NewPoint Real Estate Capital Provides $20.6 Million in Fannie Mae DUS® Financing for Multifamily Property Acquisition in Holiday, FL

The Park at Bergamo apartments, Holliday, FL

Plano, TX – NewPoint Real Estate Capital LLC (“NewPoint”), an innovative new commercial real estate finance company specializing in multifamily lending, has provided $20,616,000 in acquisition financing for The Park at Bergamo, a 244-unit multifamily property in Holiday, Florida, a suburb of the Tampa-St. Petersburg-Clearwater, Florida MSA.

The transaction was originated by NewPoint Senior Managing Director John D. Motzel, who worked with Skyline Capital on behalf of the borrower.

John D. Motzel

The 10-year Fannie Mae Delegated Underwriting Services (DUS®) loan features interest-only payments for the first four years, followed by amortization thereafter.

NewPoint executed the transaction through Fannie Mae’s Sponsor-Initiated Affordability (“SIA”) program, which requires the Sponsor to maintain a minimum of 20% units affordable at 80% of AMI or less for the life of the loan.

“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,” said Motzel.

“At closing more than 99% of the asset qualified as mission-driven for Fannie Mae.”

The Park at Bergamo, originally built in 1975, is a seven-building apartment community of one- and two-bedroom units.

Amenities include three swimming pools, a clubhouse, a business center, a fitness center, a playground, as well as a dog park.

The property had undergone a renovation in 2019-2020, which new Ownership plans to continue and complete.

NewPoint Real Estate Capital Provides $6.8 Million HUD Loan to Refinance Apartment Complex in Oxford, MS

Plano, TX – NewPoint Real Estate Capital LLC (“NewPoint”) announces the successful closing of a $6,840,000 HUD loan for Anderson Grove Apartments in Oxford, Mississippi.

Vincent Langan

The refinancing was originated by NewPoint Managing Director Vincent Langan on behalf of The Blackburn Group.

The 35-year HUD 223(f) refinance loan was provided for the market rate 10-building, 80-unit Anderson Grove Apartments, which is situated on 5.6 acres at 1903 Anderson Road in Oxford.

The property features one- and two-bedroom units, a swimming pool, a -state-of-the-art fitness center, and a recreation room.

Located within one-half mile from the University of Mississippi campus and on the local transit route, the property is within walking distance to many restaurants and cafes.

“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.

Anderson Grove Apartments, Oxford, MS

“The HUD 223(f) is the best non-recourse program in the market to provide these terms at the lowest rates.”

Following its acquisition of the property in 2017, The Blackburn Group embarked on a renovation plan that encompassed interior upgrades to the units, including new kitchen and bathroom fixtures and furnishings, as well as interior common area and exterior improvements to the structures and surroundings of the property.

The renovation was completed in July 2019.

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