Borrower Previously Secured a $4.65 Million Bridge Loan for Condo Conversion
BROOKLYN, N.Y. – June 25, 2012 – (RealEstateRama) — Hudson Realty Capital, a Manhattan-based real estate fund manager with more than $2 billion in assets currently under management, has funded a $6 million construction loan involving a vacant industrial loft building in the North Williamsburg section. The sponsor previously secured a $4.65 million bridge loan from Hudson to finance the acquisition of the well-located residentially zoned property.
“The borrower came back to Hudson for the loan upsize in order to complete building-wide renovations and proceed with the business plan,” said Spencer Garfield, managing director. “Demand for construction-loan financing on partially completed projects in secondary and tertiary markets is growing and Hudson is able to dispense capital for these types of assets in the $5 million to $35 million range.”
Once pre-development work is completed, the five-story property will undergo a comprehensive renovation and repositioning as residential condominiums. Upon completion, the turn-of-the-20th Century building will feature a mix of studio, one-, two- and three-bedroom layouts as well as loft apartments.
Hudson’s activities continue to focus on originating and purchasing senior debt in New York City and nationally. Recent transactions include a $5.275 million first mortgage loan, secured by a 13,707-square-foot mixed-use building in Manhattan’s emerging Nolita neighborhood, as well as $5.4 million bridge and construction loan involving an apartment building in Prospect Heights. The company also funded a $4.36 million bridge loan involving a 14,612-square-foot office building in California’s downtown Santa Monica district.
Established in 2003, Hudson has closed more than $3.5 billion in transactions since the formation of its initial two funds. Activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, the company is active in large loan-portfolio acquisitions and asset management activities. Hudson also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
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.
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Media Contact:
Carin McDonald / 201-796-7788 / carin (at) caryl (dot) com
