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NewPoint Provides $22.3 Million in Freddie Mac Workforce Housing Preservation Financing for Maryland Multifamily Communities

Jul 01, 2024•almost 2 years ago

Contract Type

partnership

PlanoReal EstateReal Estate InvestmentLending

Description

NewPoint Real Estate Capital has provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties to refinance Tudor Place Apartments and Canonbury Square Apartments in Takoma Park, MD. The financing structure includes a commitment from NOVO to restrict rents on 50% of the units to be affordable at or below 80% of the Area Median Income (AMI).

Company Information

Company

NewPoint Real Estate Capital

Location

Plano, Texas, United States

About

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.

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