Manhattan-Based Real Estate Fund Manager Targets Middle-Market Investments in $5 to $35 Million Per-Asset Range
NEW YORK, N.Y. – January 10, 2012 – (RealEstateRama) — Hudson Realty Capital LLC, a New York City-based real estate opportunity fund, recently held the final close of its fifth fund targeting middle market debt transactions including new originations, note acquisition financing, DPO financing and existing loan purchases. Hudson Realty Capital Fund V and its related vehicles raised a total of $250 million earmarked for middle-market investments generally in the $5 to $35 million per-asset range.
“Fund V’s debt strategy specifically targets an underserved market segment that has been Hudson’s niche since our inception,” said Spencer Garfield, managing director who oversees the firm’s new loan originations. “We had established a fundraising goal of between $200 million and $250 million and are pleased to have met the high-end of our expectation.”
Through Fund V, Hudson has closed approximately $120 million in new originations and purchased approximately $450 million in sub- and non-performing loans. Highlights include a $14.15 million first-mortgage loan secured by a multi-story industrial building in Bronx, N.Y.; $13.1 million in note acquisition financing ultimately secured by a power retail center in central Mississippi; and a $10.2 million multi-tranche construction loan for a 23,306-square-foot mixed-use building in Manhattan’s SoHo District.
In addition, Hudson is active in large loan-portfolio acquisitions and asset management activities. As part of its Fund V investment strategy, the company recently acquired two FDIC pools. These include a $139 million Colorado portfolio of 97 acquisition, development and construction (ADC) loans and southeastern pool of 109 commercial real estate assets with an unpaid principal balance valued in excess of $102 million.
Established as a Minority-Owned Business Enterprise (MBE), Hudson specializes in middle-market opportunistic real estate investments ranging from $5 million to $35 million per asset. Based in Manhattan, the company 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
