Loan Qualified for Fannie Mae’s Sponsor-Initiated Affordability (SIA), Exceeded Mission Requirements
Plano, TX (December 17, 2021) – 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.
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.
About NewPoint Real Estate Capital
NewPoint Real Estate Capital LLC is a joint venture of Meridian Capital Group, LLC, the nation’s leading commercial mortgage brokerage, and Barings LLC, one of the world’s leading investment managers. Launched in second quarter 2021, NewPoint leverages technology, data, and proprietary capital solutions to provide an innovative suite of financing products to investors of multifamily, affordable housing, senior housing, healthcare, and manufactured housing properties. NewPoint is a Fannie Mae DUS® Lender, Freddie Mac Optigo® Servicer, and HUD/FHA MAP and LEAN Lender. In addition, NewPoint offers proprietary lending products and programs.
The Pollack Group
NewPoint Real Estate Capital