American Landmark Snags $94M in Loans for Sun Belt Communities
NewPoint Real Estate Capital originated the loans, which will be used to refinance North Carolina and Florida properties.
Photo by Dean Milenkovic via Unsplash
NewPoint Real Estate Capital has closed a pair of conventional Freddie Mac multifamily loans to refinance two Sun Belt communities. The loans total a combined $93.5 million and were provided to an affiliate of American Landmark LLC. The funds will be used to refinance multifamily properties in Charlotte, N.C. and Orlando, Fla.
The first property is 8 Metro Station, a 338-unit Charlotte development, which was refinanced with a $51.0 million loan. The second was Central Station on Orange, an Orlando community refinanced with a $42.5 million loan. The transactions, which featured 10-year fixed-rate terms with five years of interest only payments, were originated by NewPoint’s Marc Cesare, the company’s senior managing director.
Index lock
Completed in 2019, 8 Metro Station is a transit-oriented development with a resort-like feel located a short walk from The University City Boulevard LYNX Blue Line light rail station in Charlotte’s University submarket. Featuring one- and two-bedroom apartment homes, the property also offers 18 three-bedroom townhomes with attached garages. Amenities include outdoor entertainment areas with grilling stations.
Completed in 2015 and situated in Orlando’s central business district, Central Station on Orange underwent renovations in 2021. The property featured one- through three-bedroom apartments with luxury finishes. A two-story health and fitness center tops the list of common area amenities at the property.
Both deals used Freddie Mac Index Lock executions in order to furnish advantageous pricing while minimalizing interest rate risk. Loan proceeds were used to refinance existing bridge loans and provide cash-out. Known as a seasoned Freddie Mac select sponsor, American Landmark earlier teamed with NewPoint to close a Freddie Mac refinancing for a Florida community and two NewPoint bridge loans in North Carolina.
In August, American Landmark acquired The Lotus in Glendale, Ariz.
