BROOKLYN, N.Y. – September 12, 2011 – (RealEstateRama) — Hudson Realty Capital LLC has funded an $11.6 million construction loan for the condominium conversion of a vacant commercial property in Brooklyn, N.Y. The sponsor will utilize the proceeds to renovate the three-story building to incorporate 20,757-square-feet of residential space and 6,175-square-feet of below-street-level medical office space.
“Active in Brooklyn since our inception, Hudson was able to execute this complex, multi-tranche loan to allow this strong, experienced sponsor to immediately move forward with the renovation and construction of the lower floors, while obtaining the final approvals for the upper floors,” said Spencer Garfield, managing director.
Located in Park Slope, just half a block from Prospect Park, the property is strategically situated in a prime area where there are significant barriers to development. Because the neighborhood is family-oriented, the property will feature a mix of 15 residential units, the majority of which will be three-bedroom units. All of the units will feature outdoor balconies or decks.
Based in New York City, with regional offices in Portland, Maine and Fort Myers, Florida, Hudson continues to focus on middle-market opportunistic real estate investments, ranging from $2 million to $35 million per asset or portfolio. The company has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2003 and currently has more than $2.5 billion of assets, including office, retail, industrial and multi-family, under management. The firm also selectively invests in other real estate classes.
Established as a Minority-Owned Business Enterprise (MBE), Hudson 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.
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Media Contact:
Carin McDonald / 201-796-7788 / carin (at) caryl (dot) com
