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 to acquire this property.” The application process was completed quickly and efficiently by NewPoint’s Bridge team within 60 days. This strategically located property near New Brunswick has been well-received by the market due its proximity to “Healthcare City”. It is expected that there will be a smooth transition from this temporary bridge loan into a permanent HUD 223(f) execution.
Built in 2023, Brentwood Park consists of two four-story mid-rise buildings offering studio, one-bedroom and two-bedroom units as well as commercial space totaling at approximately 3,125 square feet.
