NewPoint Provides $22.3 Million in Freddie Mac Workforce Housing Preservation Financing for Maryland Multifamily Communities [Yahoo! Finance]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: Yahoo! Finance
Preservation financing to NOVO Properties ("NOVO") to refinance Tudor Place Apartments and Canonbury Square Apartments – neighboring garden-style multifamily communities located in Takoma Park, MD. The refinancing was originated by Martin Fayer, Senior Managing Director at NewPoint. The financing structure, which includes a five-year term with five years of interest only, will help NOVO maintain affordable rents within the properties. "The decision to utilize Freddie Mac's Workforce Housing Preservation program exemplifies NOVO's forward-looking approach and dedication to preserving affordable housing options for the missing middle," said Martin Fayer. "We have found that voluntary rent restrictions are a powerful tool for lowering debt costs, especially when combined with the ability to rapidly rate lock during a bond market rally." 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 I
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FMCC
Sec Filings
- 7/2/24 - Form ABS-15G
- 7/2/24 - Form ABS-15G
- 7/1/24 - Form 8-K
- FMCC's page on the SEC website