Hudson Realty Capital LLC, which originates, purchases, services and restructures debt secured by commercial real estate, has funded a $16 million first-mortgage loan for a newly constructed, vacant multifamily property in Brooklyn, N.Y.
The unnamed borrower who obtained the loan from the New York-based real estate fund manager has closed four other transactions with Hudson.
Hudson, which is now operating out of its fifth fund, said the borrower plans to acquire the building, fund the reserves and complete a lease-up.
The recently completed five-story elevator building is in the East Williamsburg section of the borough and is comprised of 49 one- and two-bedroom units with a terrace or balcony. The on-site amenities at the site include a fitness center, multipurpose room, roof deck, ground level garden and below-grade parking garage.
“Both Hudson and the borrower know this market very well and are confident in the business plan, which includes obtaining a certificate of occupancy and property lease-up in order to stabilize the asset and obtain conventional financing,” said Spencer Garfield, managing director of originations at Hudson Realty Capital.
“This particular loan yielded a higher loan-to-cost that traditional lenders are unwilling to provide on a transitional asset.”
Since 2003, Hudson has closed more than $3.5 billion in transactions and currently has $2 billion of assets, including multifamily, retail, office and industrial, under management.
