Newmark launches multifamily bridge program with $35M Georgia loan

Newmark has launched a multifamily bridge lending program, with its first loan a $35 million refinancing for MFP Capital's Independence Place, a 264-unit apartment property in Hinesville, Ga., Commercial Observer reported.

The program is meant to write short-term bridge debt against multifamily assets and, eventually, to let Newmark lend through Fannie Mae and Freddie Mac as an agency lender, according to the report.

Henry Stimler, Bill Weber and Ricky Warner originated the debt, per Commercial Observer. Sharon Karaffa, Newmark's president of multifamily debt and structured finance, said the bridge program moves the brokerage closer to securitized agency lending and gives clients "greater flexibility and continuity."

Independence Place sits at 1300 Independence Place Drive in Hinesville, the seat of a Georgia county roughly 40 miles southwest of Savannah, according to the report. The property is slated to include one-bedroom to four-bedroom units plus a pool and fitness center on site.

In September, this publication reported the firm securing a $76.2 million take-out for Embrey's 354-unit Orlando apartments. Financing sources included bridge lenders, debt funds, balance-sheet lenders and CLO-driven capital, though the lender and terms were not named.

In August, this publication reported that Trepp's second-quarter review showed six of ten community banks running off multifamily loans while Merchants and Columbia were buying.

Commercial Observer's report does not specify a target for the bridge program or a timetable for agency approvals.