NewPoint Provides $93.5 Million in Freddie Mac Financing for Two Multifamily Communities in the Southeast US
Charlotte, NC and Orlando, FL (October 26, 2022) – NewPoint Real Estate Capital LLC (“NewPoint”) has provided two conventional Freddie Mac Multifamily loans totaling $93.5 million to an affiliate of American Landmark LLC to refinance two multifamily communities. The 338-unit 8 Metro Station, located in Charlotte, NC, was refinanced with a $51.0 million loan. The 279-unit Central Station on Orange, located in Orlando, FL, was refinanced with a $42.5 million loan. The transactions were originated by NewPoint Senior Managing Director Marc Cesare and featured 10-year fixed-rate terms with five years of interest-only payments.
“Both of these first-rate communities enjoy excellent locations in their respective high-growth markets,” said Cesare. “With debt costs now fixed long-term, American Landmark can put its renowned operational expertise to work in creating value for its residents and investors.”
Freddie Mac Index Lock executions were utilized on both transactions to provide advantageous pricing while minimalizing interest rate risk. Loan proceeds were utilized to refinance existing bridge loans and provide cash-out. American Landmark is a seasoned Freddie Mac select sponsor and has previously partnered with NewPoint, having closed a Freddie Mac refinance for 400 at Reunion in Kissimmee, FL, and two NewPoint Bridge loans in North Carolina earlier in 2022.
Built in 2019, 8 Metro Station is a transit-oriented resort-caliber community located steps from the University City Boulevard LYNX Blue Line light rail station in Charlotte’s University submarket. The community features one- and two-bedroom units, as well as 18 three-bedroom townhomes with attached garages, all with top-of-the-market finishes. Amenities include a swimming pool, fitness studio, yoga lawn, pet park, clubhouse, electric vehicle charging stations, and outdoor entertainment with grilling stations.
Located in Orlando’s Central Business District, Central Station on Orange is a 2015-built multifamily community that was renovated in 2021. It features one-, two- and three-bedroom units with luxury finishes. The amenity package includes a two-story fitness and health center, resort-style swimming pool, roof deck with downtown views, outdoor grilling, a clubroom with gourmet kitchen, electric vehicle charging and a pet park/spa.
“NewPoint proved once again to be a seamless extension of our team on these transactions, pairing thoughtful loan structures that aligned with our business goals with certainty and responsiveness throughout the process,” said Christine DeFilippis, Chief Investment Officer at American Landmark.
American Landmark is one of the fastest-growing multifamily owner-operators in the United States with a focus on the Sun Belt. The company manages over $5 billion in multifamily properties and its portfolio consists of approximately 32,000 units.
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.