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ince joining NewPoint Real Estate Capital in 2021 as president of agency lending, Geri Borger Urgo has tripled the agency and proprietary lending teams and expanded the firm’s loan book from $500 million to $6 billion. NewPoint was created that same year when Meridian Capital Group and Barings acquired Barings Multifamily Capital; Borger has been part of the venture from the outset. In a recent Commercial Observer interview she discussed her career, her passion for commercial real‑estate finance, and her vision for the industry.
Borger began at Freddie Mac in 2006 as a portfolio lender before the organization moved into capital‑market operations. A brief stint in 2011 at a private real‑estate investment firm broadened her view of equity and deal dynamics. She returned to Freddie in 2012, ultimately leading East Coast production during the COVID‑19 pandemic. She credits Freddie’s hands‑on deal flow and manual processes for sharpening her deal‑making instincts.
When NewPoint offered her a role amid the pandemic, she saw an opportunity to leverage her sponsor relationships and technical expertise to accelerate growth. The platform had only $500 million in agency lending at acquisition, yet its core team was strong. By recruiting former Freddie colleagues, top‑tier underwriters, and servicing talent, Borger built a boutique operation that delivers best‑in‑class execution on commoditized products. Her focus on customer experience and meticulous attention to each transaction enabled the firm to capture deals that mattered most to a smaller player, driving the jump to $6 billion.
Borger notes that the multifamily landscape has shifted from regional, long‑term hold operators to national institutional owners who consolidate smaller platforms. This evolution has spurred demand for floating‑rate and short‑term fixed loans with prepay flexibility, while rising cap costs and slowing rent growth pressure margins. She predicts that lender exit metrics will become pivotal, favoring investors with longer horizons.
Regarding post‑COVID new construction, she observes that construction costs have outpaced rents, making new development capital‑intensive and less attractive compared to stabilized assets. The result is stalled projects in major metros, tightening supply and affordability. She stresses the need for agility on both borrower and lender sides, encouraging rapid execution and flexible strategies to seize emerging opportunities.
