NewPoint Real Estate Capital Provides $58 Million Freddie Mac Loan to Refinance North Carolina Apartment Community
Raleigh, NC (November 13, 2023) – NewPoint Real Estate Capital ("NewPoint") has provided a $58 million Freddie Mac conventional multifamily loan to refinance a 400+ unit community located in a suburb of Raleigh, NC. The loan was originated by NewPoint Senior Managing Director Mike Ortlip and features a five-year, fixed-rate term with full interest-only payments.
"With seamless coordination between the NewPoint and Freddie Mac teams, we were able to rate lock attractive pricing and then close within 48 hours," Ortlip said. "I've been in this business for a long time, and this was one of the smoothest transactions I've had the pleasure to lead; considering the current market, that says a lot about the dedication from all teams involved, as well as the quality of this property."
The apartment community is located in North Carolina’s Research Triangle area. It was developed in two phases, and has a mix of one-, two-, and three-bedroom units, all which feature stainless steel appliances, granite countertops, and private balconies. Amenities include a zero-entry swimming pool with splash pad and outdoor cabanas, a 24-hour fitness center, game room, business center, playground, pet park, grilling areas, and an outdoor multi-sports court.
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, as well as third-party placement solutions.
Contacts:
Elyse Bandel
NewPoint Real Estate Capital
Elyse.Bandel@NewPoint.com
917.447.0143
Michael Ratliff
NewPoint Real Estate Capital
Michael.Ratliff@NewPoint.com
917.636.3578