NewPoint Real Estate Capital recently provided a bridge-to-HUD loan in the amount of $17.75 million to assist with the purchase of Brentwood Park, a 77-unit multifamily property located in Somerset, NJ. The borrower is an experienced local operator and developer in the multifamily market. Matthew Meskill from NewPoint originated this floating-rate, interest-only bridge loan with an initial term of two years.
According to Meskill, “Our Bridge financing was able to meet the sponsor’s timing needs and provide them with an excellent opportunity for acquisition.” The entire process from application to closing took less than 60 days thanks to our efficient Bridge team. Located near New Brunswick – also known as ‘Healthcare City’ – Brentwood Park has been well-received by the market and we anticipate a seamless transition into a permanent HUD 223(f) loan execution.
Built in 2023, Brentwood Park features two four-story mid-rise buildings offering studio, one-bedroom and two-bedroom units along with approximately 3
