NewPoint Real Estate Capital provided a $49 million bridge loan for the refinance of Evolve at the Pines Apartment Homes, a 288-unit multifamily property located in Greenville, North Carolina. Evolve at the Pines Apartment Homes is a brand-new community situated near East Carolina University.
The 24-month interest-only loan was tailored to provide the borrower with flexibility during the property’s lease-up period and a smooth transition to an agency takeout. The loan was originated by NewPoint’s Mike Ortlip on behalf of Evolve Companies, the developer.
The 288-unit property features modern apartment homes and resort-style amenities including a saltwater pool, fitness center, clubhouse, dog park, and EV charging stations, with easy access to shopping, dining, entertainment, and major thoroughfares.
Rents range from $1,400 to $2,852, and one- to three-bedroom units range from 776 to 1,267 square feet.
The post Evolve Inks $49M Refi for Greenville Rental Asset appeared first on Connect CRE.
​Â