NewPoint Real Estate Capital Provides $50.7 Million in Freddie Mac Financing for a Newly-Built Florida Multifamily Property
Kissimmee, FL (July 28, 2022) – NewPoint Real Estate Capital LLC (“NewPoint”) has provided a $50,724,000 conventional Freddie Mac Multifamily loan on behalf of an affiliate of American Landmark LLC to refinance Reunion at 400, a 288-unit community located in Kissimmee, FL. The 10-year fixed-rate loan was originated by NewPoint Senior Managing Director Marc Cesare and features six years of interest-only payments. Loan proceeds were used to pay off a bridge loan that was set to mature in June 2023.
“We utilized an Index Lock to provide American Landmark – a seasoned Freddie Mac select sponsor – with the ability to secure advantageous pricing during a particularly volatile 60-day period for Treasuries,” said Cesare. “With fixed debt service costs and one of the best operators in the business, this premier asset is now poised to generate strong returns while serving as an attractive option for the Orlando area’s working professionals and families.”
Built in 2020, Reunion at 400 is well-located off SR-429 in Kissimmee approximately five miles south of Walt Disney World and 20 miles southwest of Downtown Orlando. The community features one-, two- and three-bedroom apartments with luxury finishes and screened balconies/solariums in select units. A resort-caliber amenity package includes a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.
“While we worked with NewPoint on two bridge loan closings, this was our first time partnering together on an Agency solution,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We found that NewPoint paired a smart loan structure with a smooth, responsive execution that will create value for our organization and investors.”
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 30,000 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 bridge financing.