NewPoint Real Estate Capital Provides $10.9 Million in Fannie Mae Refinancing for Washington Multifamily Properties
Vancouver, WA (June 17, 2022) - NewPoint Real Estate Capital LLC (“NewPoint”) has provided $10,910,000 in Fannie Mae loans on behalf of The Management Group, Inc. to refinance two multifamily properties in Washington. The conventional garden-style apartment communities include First Street Station in Vancouver, WA, and River View in Camas, WA, both within the Portland, OR MSA.
The two 10-year Fannie Mae loans were originated by NewPoint Executive Managing Director Jay Blasberg and Managing Director Jarett Blasberg.
We went from application to closing in 45 days,” said Jay Blasberg. “This allowed The Management Group to lock in historically low-interest rates with three years of interest only.”
Jarett Blasberg added, “Having owned both properties for over 20 years, The Management Group has kept them in pristine condition, adding value to the communities through recent renovations at both properties.”
First Street Station is located in the Fisher Landing area of Vancouver. The 70-unit community was built in 1998 and renovated in 2018. The one- and two-bedroom units include washers and dryers, fully equipped kitchens with microwaves, and a patio or balcony.
River View is located just one mile from historic Downtown Camas and 15 miles from Vancouver, WA. The property was built in 1995 and renovated in 2017. All the 60 units in the community have two bedrooms and feature spacious living spaces with an open kitchen, updated flooring, washers and dryers, and a patio. Select units also have a fireplace and garage.
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 bridge financing.
Contacts:
Stefan Pollack
The Pollack Group
stefan@pollackgroup.com
310.780.2364
Elyse Bandel
NewPoint Real Estate Capital
Elyse.Bandel@NewPoint.com
917.447.0143