NEW YORK—Hudson Realty Capital (Hudson) has funded a $5.9 million first-mortgage loan secured by a 50,040-sq.-ft. multifamily property with ground-floor retail along Woodhaven Boulevard in Queens. The borrower will utilize the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property.
Built in the late 1920s, the six adjoining buildings include a total of 42 apartment units and 11,250 sq. ft. of commercial space. Located in the heart of the Middle Village section of Queens, the two-story property will be renovated by the borrower. Current occupancies are 83 percent and 20 percent, for the residential and commercial units, respectively.
Based in Manhattan, Hudson generally targets middle-market investments in the $3 million to $35 million per-asset range. Established as a Minority-Owned Business Enterprise (MBE), Hudson has regional offices in Portland, Maine and Fort Myers, Fla. Since the formation of its initial two funds in 2003, Hudson has closed more than $3.5 billion in transactions and currently has more than $2 billion in assets under management.