NewPoint Lends $61M on Suburban Philly Multifamily Acquisition
Rose Valley Capital has secured a $61 million debt package to facilitate the acquisition of a multifamily property west of Philadelphia, Commercial Observer has learned.
NewPoint Real Estate Capital supplied the bridge loan for Rose Valley to acquire Weatherstone Flats in Chester Springs, Pa. Meridian Capital Group’s Morris Betesh and Alex Bailkin — based out of the company’s New York City headquarters — negotiated the debt.
“This transaction required meticulous oversight and collaboration, as it was complex and markets became increasingly volatile,” Betesh said in a statement.
Located at 240 Windgate Drive about 38 miles from Philadelphia, Weatherstone Flats encompasses 172 apartment units and nearly 30,000 square feet of existing retail space. The property also has fully approved development plans allowing an additional 78 multifamily units and roughly 120,000 square feet of commercial space.
NewPoint launched its balance sheet bridge program last December, which targets loan sizes of $10 million to $100 million with terms of up to five years.
“We were excited by the opportunity to help Rose Valley execute its future vision for Weatherstone Flats and grateful for the strategic role Meridian played in managing the transaction from start to finish,” Brian Skurnik, managing director, bridge lending, at NewPoint, said in a statement.
Officials for Rose Valley did not immediately return a request for comment.
Andrew Coen can be reached at email@example.com.