NewPoint Provides $45 Million Bridge Loan to Refinance a Newly-Built Apartment Community in North Carolina

Charlotte, NC (January 4, 2024) – NewPoint Real Estate Capital ("NewPoint") has provided a $45 million lease-up bridge loan for a recently completed 300-unit multifamily community located in suburban Charlotte, NC. The borrower is a North Carolina-based development firm that has built over 10,000 units throughout the Southeast. NewPoint Senior Managing Director Mike Ortlip originated the floating-rate, interest-only bridge loan, which features a two-year initial term.

“NewPoint’s proprietary bridge program provided an outstanding execution allowing the borrower to take out the existing construction debt and focus that availability on another development. The NewPoint Bridge team moved from application to closing in less than 60 days,” Ortlip said. “With a location close to medical centers and a deep employment base, this upscale, highly-amenitized apartment community has been well received by the market and should see stabilization within 18 months of the first certificate of occupancy. Once there, we expect a smooth transition into low-cost permanent debt.”

The 2023-built garden-style community features a mix of one-, two- and three-bedroom units, all with granite countertops, stainless steel appliances, and walk-in closets. Amenities include a saltwater swimming pool, outdoor fireplace, grilling pavilion, 24-hour fitness center with a yoga and spinning room, a billiards room, and a dog park.

About NewPoint Real Estate Capital
NewPoint Real Estate Capital LLC (“NewPoint”) is a prominent commercial real estate finance company delivering lending solutions to investors of multifamily, affordable housing, seniors housing, healthcare, and manufactured housing properties nationwide. NewPoint leverages technology, data, capital, and the expertise of its industry-leading team to provide loan origination, servicing, execution, and a suite of Agency and curated proprietary products to meet the evolving needs of borrowers. In addition to being a Fannie Mae DUS®, Freddie Mac Optigo®, and FHA/HUD MAP and LEAN Lender, NewPoint also offers proprietary bridge and affordable housing financing, as well as third-party placement solutions.

Contacts:
Elyse Bandel
NewPoint Real Estate Capital
Elyse.Bandel@NewPoint.com
917.447.0143

Michael Ratliff
NewPoint Real Estate Capital
Michael.Ratliff@NewPoint.com
917.636.3578