NEW YORK CITY—Hudson Realty Capital LLC has funded a $4.65 million bridge loan involving a 31,200-sq.-ft.loft building in Brooklyn. The borrower utilized the loan proceeds for acquisition financing and to fund necessary reserves.
The turn-of-the-20th Century five-story building is located in North Williamsburg near the Bedford Avenue shopping district. The borrowers are redesigning and redeveloping the vacant residentially-zoned building for multi-family use.
Currently, Hudson has more than $2 billion of assets under management and has closed more than $3.5 million in transactions since the formation of its initial two funds in 2003. Recent New York City transactions have included a $10.2 millionloan for a proposed mixed-use building in SoHo; $8 million in note acquisition financing for four industrial properties in Brooklyn; a $5.65 million DPO loan for a mixed-use loft building in Tribeca; and a $14.15 million first mortgage loan for an industrial building in the Bronx. In addition, the company is active in large loan-portfolio acquisitions and asset management activities.