TAKOMA PARK, MD. — NewPoint Real Estate Capital has provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties for the refinancing of two apartment communities in Takoma Park. Located adjacent to one another, the properties — Tudor Place Apartments and Canonbury Square Apartments — are situated roughly five miles outside downtown Washington, D.C. Tudor Place and Canonbury Square offer a mix of one- and two-bedroom apartments, comprising 134 and 95 units, respectively.
The refinancing agreement includes a provision to designate 50 percent of the units as affordable housing for residents earning 80 percent or less of the area median income (AMI). NOVO will continue to manage the properties through its in-house property management division.
Martin Fayer of NewPoint originated the financing, which features a five-year term with interest-only payments for the full term.