HINESVILLE, GA. — Ponte Vedra Beach, Florida-based MFP Capital has secured a $35 million bridge loan from Newmark for Independence Place, a 264-unit community in Hinesville. The financing, which will provide interim capital before a transition to permanent agency debt, marks the first transaction under Newmark’s new Multifamily Bridge Program. Henry Stimler, Bill Weber and Ricky Warner originated the loan.
The program provides short-term financing solutions for qualifying multifamily borrowers seeking to transition into permanent financing through Fannie Mae, Freddie Mac or FHA lending programs. Originated and serviced directly by Newmark, the program is designed to address interim capital needs while providing a pathway to long-term agency financing.
Independence Place offers one- through four-bedroom units and amenities such as a pool, 24-hour fitness center and clubhouse. Hinesville is 43 miles southwest of Savannah, Georgia.