NewPoint and Capital One Refis $385M Four-State Multifamily Portfolio
White Eagle Property Group has secured $385 million in Freddie Mac financing to refinance an eight-asset portfolio of multifamily properties located in Alabama, Florida, Georgia and North Carolina, Commercial Observer can first report.
“We are proud of our execution on these assets that ultimately led us to this significant capital event and we will continue to invest in these properties, which will greatly enhance the resident experience and offer our investors strong returns,” Abe Spitz, COO of White Eagle Property Group, said.
“We saw a unique opportunity to capitalize on the tremendous increase in value we had achieved, unique tax benefits,and wish to further improve the assets,” Jeffrey Weiskopf, chairman of White Eagle Property Group, said. “With Meridian’s expertise, we actualized our ability to return all original equity, give additional monies to investors and also inserted fresh capital for projects on the property level, further improving our investments and maintaining consistent cash flow.”
NewPoint Real Estate Capital and Capital One Multifamily Finance provided the 10-year loan. The financing features a daily secured overnight financing rate-based rate and five-year interest-only period.
Meridian Capital Group‘s Jacob Katz, Abe Hirsch, Zev Karpel, Daniel Hofstedter and Spencer Isen negotiated the financing.
“Given Mr. Spitz’s proven track record of increasing the bottom line in the multifamily industry and Mr. Weiskopf’s leadership in financial markets, we were able to custom-tailor highly accretive financing that reduced interest expense and provided an additional five years of interest-only payments,” Hirsch said.
The eight-asset portfolio includes Avenues of Lakeshore and Avenues of Inverness, totaling 1,106 units, in Alabama; Cranes Landing and Midora at Woodmont, encompassing 451 units, in Florida; Avenues of Kennesaw East and Avenues of Kennesaw West, with a total of 524 units in Georgia; and Mission Triangle Point and Avenues of Steele Creek, comprised of 464 units in North Carolina.
The properties contain units that are recently renovated with amenities including pools, fitness centers, tennis courts, barbeques and outdoor kitchens, fire pits, volleyball courts and dog parks.
NewPoint Real Estate Capital and Capital One (COF) Multifamily Finance did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
