NEW YORK, N.Y. – May 24, 2012 – (RealEstateRama) — In Manhattan’s emerging Nolita neighborhood, Hudson Realty Capital LLC (Hudson) has funded a $5.275 million first mortgage loan secured by a 13,707-square-foot mixed-use building, near the intersection of Kenmare Street and Bowery. The sponsor utilized the loan proceeds to recapitalize the property’s maturing debt and establish operating reserves.
The fully occupied early-20th Century building is comprised of 15 residential units and two ground-floor commercial units. The property is well located in the Nolita neighborhood, meaning North of Little Italy. Bounded to the north by Houston Street, east by Bowery, south by Broome Street and west by Lafayette, the emerging district is popular among locals for its trendy boutiques, restaurants and bars. Prominent neighborhood landmarks include the Puck Building and St. Patrick’s Old Cathedral.
“Hudson was able to provide funding that allowed the borrower to pay off the maturing debt, without a pre-payment penalty, in order to negotiate the sale of the building,” said Spencer Garfield, managing director, who noted the company is funding a wide range of middle-market debt transactions nationwide.
In addition to targeting these investments, generally in the $3 million to $35 million per-asset range, Hudson is active in large loan-portfolio acquisitions and asset management operations. The company’s activities focus on originating, purchasing, servicing and restructuring special-situation debt, which contribute significantly toward urban renewal and redevelopment.
Hudson also invests directly in real estate and acquires underperforming assets and other real-estate related instruments. Recent New York City transaction highlights include a $5.4 million bridge and construction loan for an apartment building in the Prospect Heights neighborhood of Brooklyn and a $4.65 million bridge loan involving a 31,200-square-foot industrial loft building in the Williamsburg section.
Established as a Minority-Owned Business Enterprise (MBE), Hudson has regional offices in Portland, Maine and Fort Myers, Florida. Since the formation of its initial two funds in 2003, Hudson has closed more than $3.5 billion in transactions and currently has more than $2 billion of assets, including office, retail, industrial and multi-family, under management.
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Media Contact: Carin McDonald / 201-796-7788 / carin (at) caryl (dot) com
