NewPoint secures $ 27 million in loans for communities in Florida and Mississippi
NewPoint Real Estate Capital, a lending platform launched six months ago by Meridian Capital Group and Barings, has arranged finance loans with a combined value of $ 27.4 million for two properties in Florida and Mississippi.
The first is a 10-year, $ 20.6 million Fannie Mae DUS loan for the 244-unit The Park at Bergamo in Holiday, Florida. The other is a $ 6.8 million 35-year HUD 223 (f) refinance loan for the 80-unit Anderson Grove Apartments in Oxford, Mississippi.
The Park at Bergamo acquisition loan provides for interest payments only for the first four years and amortization thereafter. In conjunction with Skyline Capital, NewPoint’s senior managing director, John Motzel, made the loan on behalf of the borrower. TThe transaction was executed through the Affordability Program initiated by Fannie Mae’s sponsor, which requires the owner to keep at least 20 percent of the units at 80 percent of the region’s median income or less, for the entire period. term of the loan.
Built in 1975, the seven-building community includes one- and two-bedroom units, ranging from 700 to 1,020 square feet, according to data from Yardi Matrix. Amenities in the community area include three swimming pools, a clubhouse, business center, fitness center, playground, and dog park. The property was last renovated between 2019 and 2020, but the new owner plans to continue and complete the upgrade process.
Located at 4348 Plaza Drive in Holiday, Florida, the community is less than half a mile west of Highway 19 and approximately 35 miles from downtown Tampa, Florida.
Advantageous loan conditions
NewPoint secured the mortgage from Anderson Grove Apartments on behalf of the community owner, The Blackburn Group, who purchased the property in 2017. Managing Director Vincent Langan initiated the fully amortizing long-term fixed rate loan with a maximum withdrawal product.
Built in 1982 on 5.6 acres, the 10-building property includes one- and two-bedroom units, ranging from 692 to 988, according to the same data provider. Community amenities include swimming pool, fitness center, recreation room. In 2019, the owner completed an extensive interior and exterior renovation of the property.
Located at 1903 Anderson Road, Anderson Grove is less than a mile southwest of the University of Mississippi and has several dining, shopping and entertainment options within a mile radius, including a Walmart Supercenter, the Malco Oxford Studio Cinema and Lamar Park.