Plano-based NewPoint Holdings and its wholly owned subsidiary, NewPoint Real Estate Capital, have been acquired by New York-based Franklin BSP Realty Trust (NYSE: FBRT), a leading real estate investment trust.
Nick Gesue, CEO of NewPoint Real Estate Capital [Photo: LinkedIn]
With a $54.7 billion servicing portfolio, NewPoint is a leading commercial finance platform focused on multifamily and healthcare real estate lending. It delivers lending solutions to investors of multifamily, affordable housing, seniors housing, healthcare, and manufactured housing properties nationwide.
Terms of the acquisition were not disclosed.
“This strategic expansion of our multifamily lending offerings significantly increases our total addressable market in our highest conviction sector,” Richard Byrne, chairman and CEO of FBRT, said in a statement.
Acquiring ‘a final piece’ of a ‘one stop shop’ puzzle
FBRT President Michael Comparato added, “For years, we’ve been looking to add agency capabilities to the FBRT platform, which already boasts one of the most extensive product offerings in the market. We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle and is even more compelling given the strong cultural alignment between the two teams. We’re excited to build on the momentum of this acquisition alongside the NewPoint team, who worked tirelessly in close partnership with us to finalize this deal.”
FBRT noted that NewPoint is one of 19 multifamily originators and servicers approved by three government sponsored entities (Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and U.S. Department of Housing and Urban Development).
Snagging a $54.7B servicing portfolio
NewPoint’s $54.7 billion servicing portfolio provides a predictable and durable income stream, FBRT said. The mortgage servicing rights on agency loans will be held as an asset on FBRT’s consolidated balance sheet and provide an avenue for potential book value growth, it added.
With the acquisition, FBRT will now be able to originate agency mortgage loans. “This will facilitate an exit strategy for FBRT’s multifamily bridge loan portfolio, which represents 71% of our book, and significantly broaden FBRT’s market reach,” the company said.
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