Hudson Realty Capital Funds $5 Million Bridge Loan in Four Days for Purchase of Downtown Brooklyn, N.Y., Retail Space
Borrower's business plan entails leasing the balance of available commercial space.
- New York, NY (1888PressRelease) October 07, 2011 - Hudson Realty Capital LLC has funded a $5 million bridge loan for the purchase of 38,805 square feet of retail condominium space in Brooklyn, N.Y. The borrower's business plan entails leasing the balance of the available commercial space.
"Hudson was able to achieve a strong risk-adjusted return when the borrower came to us for speed and surety of execution," said Spencer Garfield, managing director. "Hudson closed in four days to satisfy the borrower's time-of-essence to close."
The downtown Brooklyn property is comprised of four separate ground-floor retail units that collectively make up two condominium buildings. Of the total 38,805 square feet of retail space, approximately 9,400 square feet is vacant.
Based in Manhattan, with regional offices in Portland, Maine and Fort Myers, Florida, Hudson continues to focus on middle-market opportunistic real estate investments, ranging from $2 million to $35 million per asset or portfolio. The company has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2003 and currently has more than $2.5 billion of assets under management.
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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