Hudson Realty Capital LLC Completes $9.12 Million First Mortgage Secured by 810-Unit Houston Apartment Community

Southwest Houston acquisition marks third loan with same sponsor in nine months. End Quote

Houston, TX (1888PressRelease) May 25, 2011 - Real estate fund manager Hudson Realty Capital LLC has completed a $9.12 million first mortgage loan involving Glendale Park Apartments, an 810-unit, 49-building apartment complex in Southwest Houston.

The loan was utilized for the acquisition and renovation of the property and is the third loan to this particular borrower. In the last nine months, Hudson has financed more than $20 million with this sponsor.

"This transaction is consistent with our strategy of lending to repeat clients with whom we have had success in the past, as well as investing in markets that we know well. In this case, we have joint-ventured with, and/or lent money to, this sponsor on over 4,000 units in Houston with success," said Spencer Garfield, managing director who oversees Hudson's originations.

Located in the Braeswood submarket of Houston, the complex is comprised of a mix of one-, two- and three-bedroom units and 20 different floor plans. The park-like setting is complemented by a jogging trail, children's playground and sand volleyball. Planned exterior renovations include remodeling the clubhouse and recreational space, swimming pool upgrades and enhanced landscaping, as well as apartment-unit, interior and common area improvements.

A real estate fund manager with more than $2 billion of assets currently under management, Hudson focuses on originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, the company 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, Hudson has closed more than $3.5 billion in transactions. Based in New York City, the company maintains regional offices in Portland, Maine, and Fort Myers, Florida. Widely recognized within the commercial real estate, finance and business industries, 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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