NewPoint Sponsored Fund Begins 2025 with $109 Million in Construction Financing for Affordable Housing Developments
New York, NY (May 15, 2025) – NewPoint Impact Fund I (the “Fund”) has provided $108.9 million in financing to facilitate the development of three affordable housing properties in Florida, Ohio and Texas. The transactions were completed in the first quarter of 2025 and support the development of more than 600 new affordable housing units in three much needed U.S. markets.
The Fund provided $26.9 million in construction-to-permanent financing for Walnut Springs, a 177-unit new affordable housing development in Sequin, TX, the county seat of Guadalupe County. The property is being developed by LDG, one of the largest affordable housing developers in the country. The NewPoint Impact private placement financing structure includes two series of tax-exempt bonds totaling $26.9 million, LIHTC equity of $20.8 million, and TCAP funds from Texas Department of Housing and Community Affairs of $10 million. Construction began in February and is expected to be completed in the first quarter of 2026. Bryan Dickson, Senior Managing Director, Affordable Originations with NewPoint Real Estate Capital, originated the transaction.
In late January, $42 million in construction-to-permanent financing was provided to McDowell Housing Partners, a Miami-based developer of conventional and affordable multifamily housing, for its development of the 208-unit Southpoint Vista II in Gould, FL. Situated in Miami-Dade County, the multi-phase Southpoint Vista will bring a total of 332 affordable units to the area. The loan was originated by Marc Cesare, a Senior Managing Director with NewPoint Real Estate Capital, and structured as a NewPoint Impact 4% Tax-Exempt Private Placement program with two series of tax-except bonds totaling $42 million – there is $29.5 million in LIHTC Equity and $10.3 million in additional funding/subordinate debt from Florida Housing through its SAIL, ELI and NHTF loan programs.
The additional construction-to-permanent financing completed in the quarter was $40.1 million for Kittle Property Group’s development of West Fork, a 216-unit project in Columbus, OH. The financing is structured as a private placement of four series of taxable and tax-exempt bonds. Additional funding includes $16.8 million in LIHTC Equity from Columbus-based Huntington Banks and $10 million in HOME funds through OHFA. Construction is underway on the six-building project and will be completed in third quarter of 2027. Kittle is a national leader in development, construction and management of affordable and market rate apartments. The West Fork transaction was also arranged by NewPoint’s Cesare.
About NewPoint Impact Fund I
NewPoint Impact Fund I is sponsored by NewPoint Real Estate Capital and Morgan Properties. The Fund primarily invests in tax-exempt mortgage revenue bonds that finance affordable housing projects which are subsidized by LIHTC and owned by 501(c)(3) organizations or by for-profit developers that are subject to ongoing tenant income or rental restrictions. Additionally, the Fund may invest in taxable investments related to the bonds or the affordable rental housing sector in general, including loans, taxable mortgage revenue bonds, debt used to reposition a property in anticipation of a future LIHTC recapitalization or short-term bridge loans secured by the future capital commitments of a LIHTC investor.
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