Denver, CO (June 29, 2022) - NewPoint Real Estate Capital LLC (“NewPoint”) has provided a $69,000,000 HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance a multifamily property in Westminster, CO. The 255-unit property, called Ascent, is an urban-style, mixed-use community containing 25,625 square feet of retail space.
The loan was originated by NewPoint Senior Managing Director John D. Motzel. Loan proceeds were used to pay off a two-year lease-up bridge loan provided by Barings, a subsidiary of MassMutual.
“We started the HUD process during lease-up and were able to execute swiftly once Ascent stabilized,” Motzel said. “The 223(f) program is known for its attractive pricing and terms, and we secured a historically low fixed rate by utilizing a green MIP reduction. Ascent is now positioned for long-term success with a 35-year loan term and an attractive step-down prepayment schedule.”
Ascent was built in 2019 and offers easy access to both Denver and Boulder, CO. Ten percent of the units at Ascent are affordable at 80% area median income. The five-story elevator building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. There are also 12 townhome-style units with attached two-car garages.
“We are grateful for the support of our financial partner who helped us bring a sustainable mixed-income development to the Denver area,” said Chris Sherman, president of Sherman Associates, the developer, owner and manager of Ascent.
The Carlton Group’s Kyle Morgue served as the broker on the transaction.
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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