Meridian Capital, Barings Launch New Lending Platform
- Jun 22, 2021
Commercial mortgage brokerage Meridian Capital Group and investment manager Barings have launched NewPoint Real Estate Capital, a multifamily lending platform headed by former Freddie Mac CEO David Brickman.
The new platform is the result of Meridian and Barings’ now-completed acquisition of Barings Multifamily Capital LLC, a deal that was first announced in January. At the time, Meridian said it would own a majority of the newly created platform, which would be operated as a standalone business under its own name and branding.
Brickman, who joined Meridian as executive chairman in January, serves as CEO of NewPoint, leading the joint venture’s dedicated management team. Real estate finance veteran Jeff Lee, co-founder of Beech Street Capital, holds the title of president at the new platform. Meridian Chairman & CEO Ralph Herzka and President Yoni Goodman will work closely with Brickman and Lee to guide NewPoint’s strategic growth, according to a statement.
NewPoint will utilize “innovative and efficient” methods to originate and execute multifamily loans, drawing on technology as well as the combined strengths of Meridian’s relationships in the sector and Barings’ lending and asset management capabilities, the companies said.
Meridian, one of the nation’s top commercial real estate finance advisors, closed about $40 billion of financing including $28 billion in multifamily financing last year. The company’s majority ownership of NewPoint is subject to grow over time, and the new joint venture will be governed by a board of directors that is majority controlled by Meridian, the firm indicated in a previous statement.
Brickman joined Freddie Mac in 1999 and was named CEO of the government-sponsored enterprise in 2019. He also served as the long-time head of the Freddie Mac’s Multifamily business, in which role he raised annual production from $16 billion in 2010 to nearly $80 billion eight years later. Brickman is a senior advisor to private equity firm Stone Point Capital LLC in addition to his roles at NewPoint and Meridian.
Lee co-founded Beech Street Capital in 2009 and served as the executive vice president of the business, overseeing multifamily lending, after it was acquired by Capital One in 2013.