In the following passage, extracted from the abbreviated form of his exhaustive commentaries, the noted commentator Matthew Poole expounds on John 3:16.
For God the Father, who is the Lord of all, debtor to none, sufficient to himself, so loved the world, that is, Gentiles as well as Jews. There is a great contest about the signification of the term, betwixt those who contend for or against the point of universal redemption; but certain it is, that from this term no more can be solidly concluded, than from the terms all and every, which in multitudes of places are taken in a restrained sense for many, or all of such a nation or kind. As this term sometimes signifies all persons, so, in 1 John 2:21, the Gentiles in opposition to the Jews. Nor, admitting that the world should signify here every living soul in the place called the world, will any thing follow from it. It is proper enough to say, A man loved such a family to such a degree that he gave his estate to it, though he never intended such a thing to every child or branch of it. So as what is truth in that so vexed a question cannot be determined from any of these universal terms; which must, when all is said that can be said, be expounded by what follows them, and by their reconcilableness to other doctrines of faith. God so loved the world that he gave his Son to die for a sacrifice for their sins, to die in their stead, and give a satisfaction for them to his justice. And this Son was not any of his sons by adoption, but his only begotten Son; not so called (as Socinians would have it) because of his singular generation of the virgin without help of man, but from his eternal generation, in whom the Gentiles should trust, Psalm 2:12, which none ought to do, but in God alone, Deuteronomy 6:13; Jeremiah 17:5. That whosoever, etc.: the term all is spoken to above; these words restrain the universal term world, and all, to let us know that Christ only died for some in the world, viz. such as should believe in him. Some judge, not improbably, that Christ useth the term world in this verse in the same sense as in 1 John 2:2. Our evangelist useth to take down the pride of the Jews, who dreamed that the Messiah came only for the benefit of the seed of Abraham, not for the nations of the world, he only came to destroy them; which notion also very well fitteth what we have in the next verse.
UPDATE: Andrew Meyers informs us that the above passage, while in Poole's commentary, is actually a posthumous addition by Collinges. Mr. Meyers is associated with (part of?) the Matthew Poole Project, so we're willing to take his word for it.