Hudson Realty Capital LLC Funds $7.5 Million Loan Secured by New Construction Multi-Family Property in Central Harlem

Borrower is Utilizing Proceeds to Fund Reserves, Closing Costs. End Quote

New York, NY (1888PressRelease) July 17, 2013 - Manhattan-based Hudson Realty Capital LLC (Hudson) has funded a $7.5 million loan secured by a new construction multi-family property in Central Harlem. The borrower is utilizing the loan proceeds to fund reserves and closing costs.

According to Spencer Garfield, managing director, the property has existing cash flow from the fully occupied ground-floor retail space and required bridge financing for a lease-up or sale of the residential units. "Hudson was able to offer the sponsor a creative loan structure in order to either rent or sell the 34 residential units," he said.

Located on West 148th Street, the property had been a two-story parking garage before the borrower developed it into a five-story residential building. The mix of studio, one- and two-bedroom units are equipped with washer/dryers and stainless steel appliances. The majority of units also have a terrace or balcony. On-site amenities include a fitness center, multi-purpose room and a storage room.

Central Harlem is bordered by the Harlem River to the north, 5th Avenue to Harlem River Drive to the east, Central Park to the south and Morningside Park to Edgecombe Avenue on the west. An emerging residential and commercial district, more than 30 new local and national food, fashion, sports and entertainment retailers have been added to the commercial real estate stock. The property's immediate neighborhood is predominantly residential and is centered around Jackie Robinson Park, one block away.

Since its founding in 2003, Hudson has been focused on middle-market debt investments. During the past 10 years, the company has closed more than $3.5 billion in transactions originated out of five funds. Currently, Hudson is targeting investments in the $5 million to $50 million per-asset range. Activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, the company is active in large loan-portfolio acquisitions and asset management activities. Hudson also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.

Headquartered in New York City, Hudson maintains regional offices in Portland, Maine and Fort Myers, Florida. The company 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.

###

space

Other Related Press Releases