Plans for SoHo Land Parcel Include Residential and Commercial Space
NEW YORK CITY, N.Y. – September 6, 2011 – (RealEstateRama) — A $10.2 million construction loan has been funded by Hudson Realty Capital LLC, a New York City-based real estate fund manager. The sponsor will utilize the multi-tranche loan to proceed with site demolition and construction of a 23,306-square-foot mixed-use building in SoHo.
“This is one of our repeat borrowers who came to Hudson for speed, surety of execution and flexibility that are not available from traditional lenders,” said Spencer Garfield, Hudson’s managing director who oversees all of the company’s loan originations.
Plans for the Greenwich Street property include the proposed construction of a nine-story luxury building boasting eight floors of residential space and first-floor commercial space. The unit mix consists of two one-bedroom units, five three-bedroom full floor units, and a three-bedroom penthouse duplex. The second floor also will house the building’s gym, laundry facility and bicycle room. Construction is expected to be completed by mid-2012.
The SoHo loan is the second of four recently completed loans funded by Hudson in New York City for properties that involved some level of renovation. In general, Hudson’s activities have focused on new bridge loan originations, discounted payoff financing, third-party debt acquisition financing and acquisition/renovation loans. The company also is active in large loan-portfolio acquisitions and asset management activities, the latest of which involved the purchase of a Colorado portfolio of 97 acquisition, development and construction (ADC) loans as part of an FDIC-structured sale.
Since the inception of its two initial funds in 2003, Hudson has closed more than $3.5 billion in real estate transactions and currently has more than $2.5 billion of assets under management. 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
