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 for a sponsor with strong multifamily operating and development experience in the area.
NewPoint’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. Our Bridge team moved from application to closing in less than 60 days,” Meskill said. “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.”
Brentwood Park, constructed in 2023, consists of two, four-story mid-rise buildings with a mix of studio, one-bedroom and two-bedroom units with stainless steel appliances, quartz countertops, oversized cabinets, and in-unit washer/dryers. Onsite amenities at Brentwood Park include ButterflyMX access and free parking, as well as a planned fitness center expected to open soon. There is also 3,125 SF of commercial space that is occupied by office and retail tenants.
Somerset is less than one mile from New Brunswick, known for its high concentration of nationally recognized hospitals and medical centers, global biotechnology and pharmaceutical corporations, and internationally recognized medical research facilities; 25 miles southwest of downtown Newark; and 30 miles southwest of New York City. It is conveniently located near Somerset’s main thoroughfares and the NJ Transit Northeast Corridor line.
