NEW YORK—Hudson Realty Capital has provided an $11 million first mortgage loan secured by a four-building, mixed-use portfolio in Manhattan. The sponsor is using loan proceeds to acquire the property and establish interest reserves to pursue the long-term business plan.
Located between Fifth Avenue and Avenue of the Americas, the West 38th Street property contains approximately 48,350 sq. ft. of space. The mid-rise properties in the portfolio contain a total of 85,920 sq. ft. of buildable square feet, allowing for future development.
“Our ability to offer borrowers flexibility and surety of execution has been key in helping clients close on middle-market transitional assets successfully and rapidly,” said Spencer Garfield, managing director, who spearheads the company’s originations. “In this particular case, the sponsor required reliable execution from a lender that understood the dynamic exit strategy.”
In addition to this financing, Hudson Realty Capital has recently funded first-mortgage loans secured by a 13,707-sq.-ft., mixed-use building and a 50,040-sq.-ft. multifamily property with ground-floor retail in Queens, as well as a bridge loan secured by a 6,400-sq.-ft. West Village commercial building.