NewPoint provides $22.3M in financing for Montgomery County workforce housing preservation

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NewPoint Real Estate Capital LLC Monday provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties to refinance Tudor Place Apartments and Canonbury Square Apartments – neighboring garden-style multifamily communities in Takoma Park.

The refinancing was originated by Martin Fayer, senior managing director at NewPoint.

The refinance agreement includes a commitment from NOVO to restrict rents on 50% of the units to be affordable at or below 80% of the Area Median Income (AMI). NOVO, a repeat client of both NewPoint and Freddie Mac, will continue to manage the property through its in-house property management division.

The 134-unit Tudor Place and 95-unit Canonbury Square are situated in Takoma Park, a planned commuter suburb located within Montgomery County, roughly five miles northeast of downtown Washington.

Built in 1952 and 1955, respectively, Tudor Place and Canonbury Square offer a mix of one- and two-bedroom apartment units. NOVO and its investment partners have owned and operated the properties since 2007. A solar electric system was added to the roofs of the properties in 2018. Community amenities include common laundry facilities and a children’s playground.

NewPoint Real Estate Capital is a commercial real estate finance company delivering lending solutions to investors of multifamily, affordable housing, seniors housing, health care and manufactured housing properties nationwide. It provides loan origination, servicing, execution, and a suite of agency and curated proprietary products to meet the evolving needs of borrowers.

Founded in 2003, NOVO Properties consists of a portfolio of companies involved in asset management, development, and property management of multifamily assets located in Maryland, Virginia and the District of Columbia as well as Chicago.