NewPoint has provided a $35.3 million bridge loan to facilitate the acquisition and lease-up of Siena Round Rock on behalf of River Rock Capital, a private real estate investment firm based in New York.
HUD has expanded the benefits of its loan programs to multifamily borrowers by removing longstanding restrictions on the frequency of surplus cash distributions.
The multifamily market has proven to be one of the strongest in 2022. As a sector once hit hard by the pandemic, the multifamily market has rebounded with force across the country.
It could be argued that the last 30 months have presented the seniors housing and skilled nursing industries with their most adverse operating environment ever. Heading into 2023, at least some difficulties appear to be abating.
The designation as an approved Fannie Mae Seniors Housing Lender and Freddie Mac Optigo® Seniors Housing Lender is a result of the firm’s commitment to the seniors housing and healthcare space and its drive to offer clients a diverse product suite serving the full continuum of care.
NewPoint has launched a proprietary platform to originate a variety of financing products against affordable-housing properties. It's teamed on the effort with Morgan Properties, among the country's largest owners of apartment properties, which will provide capital and its know-how.
Susan Mudry has been elevated to Chief Operating Officer (COO) of the firm. Mudry takes over the COO reins from Phil Spellberg, who helped to found and launch NewPoint, and served in the role during the firm’s first year of operations. While he is formally retiring, Spellberg will remain a Senior Advisor to the firm for the next year.