NewPoint Real Estate Capital Provides $6.8 Million HUD Loan to Refinance Apartment Complex in Oxford, Mississippi
Plano, TX (December 17, 2021) – NewPoint Real Estate Capital LLC (“NewPoint”) announces the successful closing of a $6,840,000 HUD loan for Anderson Grove Apartments in Oxford, Mississippi. The refinancing was originated by NewPoint Managing Director Vincent Langan on behalf of The Blackburn Group.
The 35-year HUD 223(f) refinance loan was provided for the market rate 10-building, 80-unit Anderson Grove Apartments, which is situated on 5.6 acres at 1903 Anderson Road in Oxford. The property features one- and two-bedroom units, a swimming pool, a -state-of-the-art fitness center, and a recreation room. Located within one-half mile from the University of Mississippi campus and on the local transit route, the property is within walking distance to many restaurants and cafes.
“We have previously worked with The Blackburn Group and understood they wanted maximum cash-out proceeds along with a fully amortizing, long-term, fixed rate loan,” said Langan. “The HUD 223(f) is the best non-recourse program in the market to provide these terms at the lowest rates.”
Following its acquisition of the property in 2017, The Blackburn Group embarked on a renovation plan that encompassed interior upgrades to the units, including new kitchen and bathroom fixtures and furnishings, as well as interior common area and exterior improvements to the structures and surroundings of the property. The renovation was completed in July 2019.
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®, Freddie Mac Optigo®, and HUD/FHA MAP and LEAN Lender. In addition, NewPoint offers proprietary lending products and programs.
Contact:
Stefan Pollack
The Pollack Group
310.780.2364
Elyse Bandel
NewPoint Real Estate Capital
917.447.0143