Meridian Capital Group

NewPoint Lends $61M on Suburban Philly Multifamily Acquisition

June 28, 2022

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.

Featuring:
Morris Betesh
Senior Managing Director
Origination
(212)612-0105
[email protected]
Alex Bailkin
Senior Vice President
Underwriting and Loan Placement
(212)612-0194
[email protected]
Read Article
Recent Articles | Back to News

NYC Retail Market Wakes Up in a Daze After Smoke Shop Day of Reckoning

Article
June 28, 2022

Meridian Arranges $23M Financing for NJ Resi Development 

Article
June 28, 2022

2024 Ones to Watch Industry Leaders: Ben Biberaj, Meridian Retail Leasing

Article
June 28, 2022

Meridian Retail Leasing Closes First Quarter with a Bang

Article
June 28, 2022

Is New York City still a viable investment option? - by Shallini Mehra

Article
June 28, 2022

Team Betesh arranges $110 million in financing to refinance an office property in Stamford

Article
June 28, 2022