NewPoint Real Estate Capital has provided a $45 million lease-up bridge loan for a recently completed 300-unit multifamily community located in suburban Charlotte, N.C. The borrower is a North Carolina-based development firm. The floating-rate, interest-only bridge loan will feature a two-year initial term.
“With a location close to medical centers and a deep employment base, this upscale, highly amenitized apartment community has been well received by the market and should see stabilization within 18 months of the first certificate of occupancy,” said Mike Ortlip, senior managing director at NewPoint Real Estate Capital. “Once there, we expect a smooth transition into low-cost permanent debt.”
The 2023-built, garden-style community features a mix of one-, two- and three-bedroom units, all with granite countertops, stainless-steel appliances and walk-in closets. Amenities include a saltwater swimming pool, outdoor fireplace, grilling pavilion, 24-hour fitness c
