Hudson Realty Capital Funds $4.65 Million Bridge Loan for Residentially Zoned Loft Building in Brooklyn, N.Y
Experienced Borrowers with Desirable Asset Turned to Hudson for Speed and Surety in Loan Execution
- New York, NY (1888PressRelease) January 19, 2012 - Hudson Realty Capital LLC has funded a $4.65 million bridge loan involving a 31,200-square-foot industrial loft building in Brooklyn, N.Y. The borrower utilized the loan proceeds for acquisition financing and to fund necessary reserves.
The turn-of-the-20th Century five-story building is strategically located in the desirable North Williamsburg neighborhood, near the Bedford Avenue shopping district. The borrowers are redesigning and redeveloping the vacant residentially-zoned building for multi-family use. This latest transaction follows a number of recent deals in New York City's outerboroughs funded by Hudson, a Manhattan-based real estate fund manager specializing in middle-market loan originations and debt acquisitions.
"The borrower is an experienced developer who has a successful track record with similar projects in this local market," said Spencer Garfield, managing director. "Because of our familiarity with this particular sub-market and past experience in investing in this market, we were able to provide a quick assessment of the asset and execute the loan with speed and surety."
Currently, Hudson has more than $2 billion of assets under management and has closed more than $3.5 million in transactions since the formation of its initial two funds in 2003. Recent New York City transactions have included a $10.2 million construction loan for a proposed mixed-use building in SoHo; $8 million in note acquisition financing for four industrial properties in Brooklyn; a $5.65 million DPO loan for a mixed-use loft building in Tribeca; and a $14.15 million first mortgage loan for an industrial building in the Bronx. In addition, the company is active in large loan-portfolio acquisitions and asset management activities.
Headquartered in New York City, Hudson maintains regional offices in Portland, Maine and Fort Myers, Florida. The company has been named among the New York area's largest privately held companies and largest minority-owned companies, as well as one of the Top 25 lenders nationally.