Sponsor Plans to Complete Tribeca Loft Renovations
NEW YORK CITY, N.Y. – August 25, 2011 – (RealEstateRama) — Hudson Realty Capital LLC, a Manhattan-based real estate fund manager specializing in the middle market, has funded a $5.65 million DPO loan for a 14,000-square-foot mixed-use loft building in New York City. The sponsor is utilizing the proceeds to refinance and renovate the five-story building located in the heart of the city’s Tribeca neighborhood.
“This loan exemplifies a prevailing need for rescue capital among borrowers seeking to purchase their own debt back at a discount,” said Spencer Garfield, Hudson’s managing director who oversees the company’s originations. “Because Hudson offers speed and surety of execution, the borrower was able to obtain an exceptional price on his debt. As a result, Hudson financed 100 percent of the cost while maintaining a low loan-to-value.”
Built in 1880, the historic wood-frame, brick-façade building on Washington Street is comprised of four floor-through residential units and 1,200-square-feet of ground-floor retail space. Planned renovations include bathroom retrofits, sprinkler installations, exterior plantings and interior common area upgrades.
An opportunistic real estate investment company, Hudson continues to focus on middle-market investments generally in the $2 million to $35 million range per asset. The company’s activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, Hudson also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Since the formation of its initial two funds in 2003, the company has closed more than $3.5 billion in 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.
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
