NewPoint Real Estate Capital (“NewPoint”) has provided a $112.4 million Freddie Mac loan to facilitate the acquisition of Avalon at Wesmont Station, a 406-unit multifamily community located in Wood Ridge, New Jersey. The property was acquired by JMC Living and will be rebranded as ‘Volair Wesmont’.
NewPoint Vice President of Originations, Ryan Koehler, arranged the financing, which
features a 10-year term and interest only payments for six years.
Avalon at Wesmont Station, built in 2012, offers studios as well as one-, two-, and three-bedroom units ranging from 600 to 1,900 square feet. Community amenities include a swimming pool with sundeck, fitness center, resident lounge, work pods, barbecue
courtyard, bike storage, dog run, covered parking, and on-site retail options. The
property is located in the heart of Wood Ridge’s vibrant town center, providing residents
easy access to restaurants, shopping, and public transportation.
“We were thrilled to partner with Freddie Mac to provide one of NewPoint’s top clients
with the financing to acquire Avalon at Wesmont Station,” said Koehler. “There were
many factors that made this an attractive loan, including an extremely strong sponsor,
the condition of this recently built asset, and the high affordable set-asides at the
property. I am confident that this will be a great addition to our client’s growing
portfolio.”
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.
