NEW YORK—Hudson Realty Capital has funded a $6 million construction loan involving a vacant industrial loft building in Brooklyn’s Williamsburg neighborhood. The sponsor previously secured a $4.65 million bridge loan from Hudson to finance the acquisition of the residentially zoned property.
Currently a five-story residential building, the property will undergo pre-development work and a comprehensive renovation. It will be repositioned as residential condominiums under ownership.
Once complete, the property, which was built in the early 1900s, will consist of studio, one-, two- and three-bedroom units. Plans also include loft units.
Headquartered in New York City, Hudson maintains regional offices in Portland, Maine and Fort Myers, Fla. Other recent transactions by the company include a $5.275 million first mortgage loan, secured by a 13,707-sq.-ft. mixed-use building in Manhattan’s Nolita neighborhood, as well as $5.4 million bridge and construction loan involving an apartment building in Prospect Heights.