Plano, TX (June 13, 2022) - NewPoint Real Estate Capital LLC (“NewPoint”) today announces the closing of a $14,015,000 bridge loan used to facilitate the acquisition and proposed renovation of Chesapeake Apartments, a 127-unit garden-style multifamily community in Dallas, TX.
The bridge loan was originated by NewPoint Managing Director Vincent Langan, who worked with John Brickson of McKinney Realty Capital on behalf of the borrowers, GBB Multifamily, LLC, Admirable Group LLC and Prime Investment Holdings LLC.
“It was a team effort along with my colleagues in our Bridge Lending group,” said Langan. “The value-add bridge loan enabled the borrower to acquire the property and provides the necessary capital for a clear and consistent renovation of all the units, as well as some common area and exterior improvements.”
The borrower will upgrade all units in the community, including new kitchen and bath fixtures, furnishings, tile and appliances, as well as new flooring, lighting and hardware.
Constructed in 1982, Chesapeake Apartments is located at 11620 Audelia Road in Dallas, 14 miles northeast of the CBD and situated near the telecom corridor, Galatyn Park, UT Dallas, and varied shopping and dining offerings. The community features one- and two-bedroom apartments and numerous amenities, including two swimming pools, gated access, covered parking, manicured landscaping, a picnic area and a business center.
The flexible bridge loan provided by NewPoint is interest-only and features an attractive floating rate with an initial two-year term and three one-year extension options.
The NewPoint balance sheet bridge program was launched in December 2021. The nationwide program targets loan sizes of $10 million to $100 million with terms of up to five years. All bridge loans are serviced in-house, and exit fees are waived if permanent debt is provided by NewPoint.
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.
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