NewPoint Real Estate Capital has issued a $50 million bridge loan to Hillpointe to refinance Pointe Grand Plant City, a recently completed multifamily community in the Tampa Bay area.
The two-year, floating-rate, interest-only loan was originated by Trevor Ritter, managing director at NewPoint.
Pointe Grand Plant City features 300 two-bedroom units, across 10 three-story apartment buildings. The apartments include open living spaces, smart home technology, washers and dryers and walk-in closets. Community amenities include a resort-style pool, a fitness center, a clubhouse, a business center and electric vehicle charging stations.
The property is located in Plant City, which sits between Lakeland and Tampa in Central Florida.
NewPoint Real Estate Capital provides financing solutions for multifamily, affordable housing, seniors housing, health care and manufactured housing properties nationwide. The company offers loan origination, servicing and proprietary lending products.
