By Joshua Burd
NewPoint Real Estate Capital has provided $17.75 million in bridge financing to the buyer of a new 77-unit multifamily property in the Somerset section of Franklin Township.
The development, Brentwood Park at 850 Hamilton St., changed hands recently as part of a deal arranged by Hudson Atlantic. NewPoint provided the floating-rate, interest-only debt with a two-year initial term to what it described as a sponsor with strong multifamily operating and development experience in the area.
The firm’s Matthew Meskill originated the so-called bridge-to-HUD loan, which refers to a mortgage program under the U.S. Department of Housing and Urban Development.
“NewPoint’s bridge financing provided the sponsor with an excellent opportunity to acquire the property to meet their timing needs,” Meskill said. “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.”
Brentwood Park, constructed in 2023, consists of two four-story buildings with a mix of studio, one-bedroom and two-bedroom units with upscale finishes and appliances, according to a news release. On-site amenities include ButterflyMX access and free parking, as well as a planned fitness center that’s expected to open soon and 3,125 square feet of commercial space that is home to office and retail tenants.
Investor buys new 77-unit Somerset apartment building for $24 million, Hudson Atlantic says