NORTH LAS VEGAS, NEV. — NewPoint Real Estate Capital has provided a $73.4 million Freddie Mac loan to finance the purchase of a garden-style multifamily property in North Las Vegas. The five-year, fixed-rate loan includes full-term interest-only payments and a 35-year amortization schedule. John DeWitt of NewPoint originated the loan.
The sponsor, a repeat Freddie Mac and NewPoint borrower, purchased the 498-unit asset and plans to implement an extensive improvement plan over the first four years of the loan. Built in two phases in 2007 and 2008, the property offers one-, two- and three-bedroom apartments with in-unit washers/dryers, stainless steel appliances, central air conditioning and private balconies for patios. Community amenities include two swimming pools, a clubhouse and fitness center, playgrounds, a pet area, business center, garage and both covered and open parking.