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NewPoint Arranges Bridge-to-HUD Loan for New Brunswick-Area Apartments
NewPoint Real Estate Capital provided a $17.75-million bridge-to-HUD loan to facilitate the acquisition of Brentwood Park, a 77-unit multifamily property located in Somerset, NJ, for a sponsor with strong local multifamily operating and development experience. The firm’s Matthew Meskill originated the floating-rate, interest-only bridge loan, which features a two-year initial term.
“NewPoint’s Bridge financing provided the sponsor with an excellent opportunity to acquire the property to meet their timing needs,” said Meskill. “Our Bridge team moved from application to closing in less than 60 days. Strategically situated near New Brunswick, which is known as the region’s ‘Healthcare City’, the property has been well received by the market, and we expect a smooth transition to a permanent HUD 223(f) loan execution.”
Constructed in 2023, Brentwood Park consists of two four-story mid-rise buildings with a mix of studio, one-bedroom and two-bedroom units. There is also 3,125 square feet of commercial space.
- ◦Sale/Acquisition
- ◦Financing
