Hudson Starts Third RE Fund

Hudson Realty Capital, New York, has launched its third real estate fund, a hybrid debt and equity fund that is expected to originate more than $400 million in real estate-related investments.The fund will focus on "special situations" such as bridge loans, mezzanine financing, preferred equity, sponsor equity and distressed debt purchases, Hudson Realty reports. HRC targets net returns of 18% on its portfolio, including income and capital appreciation. Spencer Garfield, managing director of Hudson Realty said that the company expects an increased demand for "non-conventional debt products" as interest rates move up higher and traditional lenders tighten their lending criteria. SWH Funding, Hackensack, New Jersey, and Newbridge Realty Capital, New York City, are the companies behind Hudson Realty.