Hudson Realty Capital LLC Closes $2.8 Million Note Acquisition Financing Secured By A 165,150 SF Industrial Complex In Staten Island, N.Y.
Hudson Realty Capital LLC recently closed a $2.8 million first mortgage loan secured by an 8.9-acre industrial park in Staten Island, N.Y.
- New York, NY (1888PressRelease) September 04, 2010 - The loan was utilized to effectuate the purchase of the existing first mortgage on the property.
The collateral features five three-story buildings totaling 165,150 square feet of prime warehouse space in Staten Island. Strategically situated between Lake and Granite avenues, the industrial park is easily accessible via Route 440/Dr. Martin Luther King Expressway at Exit 13. The Bayonne Bridge and Verrazano-Narrows Bridge, which link to New Jersey and Brooklyn, respectively, as well as the Staten Island Expressway are nearby.
"Given the low loan-to-value ratio, Hudson was able to offer the borrower both speed and surety of execution on this relatively complex, yet small transaction," said Spencer Garfield, managing director. "Hudson provided 'rescue' capital on an asset type and transaction for which conventional financing is not available."
In addition to this transaction, Hudson recently funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin, Texas. Again, the firm was able to obtain an above-market return for providing capital where conventional financing is still not available.
Based in New York City, 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.
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