Hudson Realty Capital LLC Purchases $33 Million Note Secured By 109 Condominium Units Within Gated Master-Planned Community In Clifton, N.J.
New York City-based real estate opportunity fund manager partners with Parkwood Development LLC to purchase note secured by 109 partially completed units in Winthrop Court.
- Newark, NJ (1888PressRelease) December 15, 2010 - Hudson Realty Capital LLC, a real estate opportunity fund manager headquartered in New York City, in conjunction with Parkwood Development LLC, has purchased a $33 million note secured by 109 partially completed age-restricted condominium units in Clifton, N.J. The partnership immediately foreclosed on the note with plans to complete construction and sell the remaining units at competitive market rates.
The units are part of the third and final phase of Winthrop Court, comprised of 270 age-restricted residences within the master-planned community of Cambridge Crossings. The gated community is conveniently located near the Garden State Parkway, Route 3, Route 46 and Route 80 as well as the region's extensive network of rail and bus lines.
"This transaction is in line with Hudson's investment strategy of purchasing off-market, non-performing debt at discounts that will provide superior risk-adjusted returns. In this particular transaction, Hudson is fortunate to partner with Parkwood Development, a high-quality developer, who is capable of providing the services necessary to complete construction and deliver a premium product to market," said Spencer Garfield, Hudson's managing director.
Upon completion, each of Winthrop Court's remaining buildings will feature two-bedroom, two-bathroom units. Some of the residences also have loft areas. Upscale finishes include a formal, tiled entry foyer; spacious open living and dining spaces; gas fireplace; crown molding; and a generous master bedroom suite with a walk-in closet, sitting area and oversized bathroom.
The community boasts an array of lifestyle amenities. The private clubhouse has a gathering hall, pub-style lounge, billiards room, theater room, commercial kitchen and full-service gym with saunas. Off the back of the clubhouse is a large heated pool with an attached hot tub and water features.
Hudson's business strategy focuses on originating, purchasing, participating in, servicing and restructuring special-situation debt. A premier real estate fund manager, the company also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
In addition to the Winthrop Court investment, Hudson recently funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin, Texas, and closed a $2.8 million first mortgage loan secured by an 8.9-acre industrial park in Staten Island, N.Y. "We are actively pursuing similar opportunities and have several transactions in the pipeline," added Garfield.
Based in New York City, with northeast operations in Portland, Maine, Hudson currently has more than $2 billion of assets under management. A certified Minority-Owned Business Enterprise (MBE), the company has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2002.