NEW YORK—Hudson Realty Capital LLC has secured a $16 million first mortgage loan secured by a vacantproperty on Meserole Street in Brooklyn that was recently constructed.
Located in the East Williamsburg section of Brooklyn between Leonard and Lorimer streets, the property stands five stories tall and contains 49 one- and two-bedroom units. Amenities at the property include fitness center, multipurpose room, roof deck, ground-level garden and below-grade parking garage. The property is also located in close proximity to public transportation.
“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-up in order to stabilize the asset and obtain conventional financing,” said Spencer Garfield, managing director, originations. “This particular loan yielded a higher-loan-to-cost that traditional lenders are unwilling to provide on a transitional asset.”