NewPoint Originates $35M Financing for Arlington Hotel-to-Multifamily Conversion
NewPoint Real Estate Capital has originated a $34.6 million floating-rate bridge-to-agency loan for the acquisition and planned conversion of Clarion Collection Arlington Court Suites, a 187-unit property located in Arlington, Virginia.
The bridge loan, which was used to finance the purchase of the extended-stay hospitality property, includes future funding for capital improvements and is structured to support the borrower’s business plan to convert the asset into a multifamily community.
The financing was originated by NewPoint Director, Jacob Gabriel, on behalf of the borrower, Goodhomes Communities LLC. Currently operating as an extended-stay hotel, Clarion Collection Arlington Court Suites will undergo a comprehensive repositioning to multifamily use. Upon completion, the property will offer a mix of studio, one-, two-, and three-bedroom units.
“This transaction underscores the increased momentum behind adaptive reuse opportunities, particularly in high-barrier-to-entry markets like Arlington,” said Gabriel.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout