Article Originally Posted by AZBigMedia on November 16, 2022
NewPoint Real Estate Capital LLC has provided a $105 million bridge loan to facilitate the acquisition and lease-up of SeventyOne15 McDowell, a 2022-built mid-rise luxury community located in Scottsdale, AZ. The transaction was originated by NewPoint Senior Managing Director John DeWitt and features a two-year interest-only loan term with three one-year extension options. “NewPoint was tasked with delivering an accretive financing solution for this repeat client in the midst of a rising interest rate environment, and we were able to hold our quoted spread and loan proceeds,” DeWitt said. “Given the asset quality and market, we were able to close at roughly 30% leased shortly after SeventyOne15 McDowell received its final certificate of occupancy.”
The 274-unit community is situated between Old Town Scottsdale and downtown Tempe, AZ, directly across the street from SkySong, a 42-acre mixed-use development that is one of Arizona State University’s innovation zones. Amenities include a mid-century interior design, resort-style swimming pool with private cabanas, rooftop lounge with fire pits, a two-story fitness center, electric vehicle charging stations, direct access parking garage, and a clubhouse with kitchen, billiards and lounge seating. Unit amenities include smart home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, and wine fridges and walk-in closets in select units.With roughly 57,000 people expected to move to Phoenix annually for the next five years, the local multifamily market is currently supported by some of the country’s strongest employment and population growth trends.
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