Skip navigation

PRESS RELEASE: Hudson Realty Capital LLC Funds $4.75 Million First Mortgage Loan for Brooklyn, N.Y. Industrial Portfolio

Brooklyn, N.Y. – Manhattan-based Hudson Realty Capital LLC (Hudson), a real estate fund manager with more than $2 billion currently under management, has funded a $4.75 million first-mortgage loan secured by a two-building industrial portfolio in Brooklyn, N.Y. Loan proceeds will be utilized for the acquisition, redevelopment and repositioning of the 27,000-square-foot property.

The borrower, who has extensive real estate development experience, owns a portfolio of land and income-producing properties throughout Brooklyn. “The business plan is to reposition this property for retail use, with an emphasis on grocery or pharmacy, in one of the city’s rapidly developing commercial real estate markets,” said Spencer Garfield, managing director, who oversees Hudson’s originations. “Hudson was able to provide the dependable, flexible capital to facilitate this acquisition and business plan.”

Located in Brooklyn’s Prospect Heights neighborhood, the portfolio is in proximity to retail centers, public transportation, public and private schools, medical facilities and houses of worship. It also is just blocks away from Atlantic Yards, a mixed-use commercial and residential project, which has generated substantial redevelopment in the area. A major component is the Barclays Center, a 19,000-seat multi-purpose indoor arena, home to the Brooklyn Nets and New York Islanders sports teams. 

Currently operating out of its fifth fund, Hudson is targeting performing and non-performing debt acquisitions; financing for borrower discounted payoffs, third-party debt acquisitions and debtors in possession; new loan originations and good bank/bad bank recapitalizations. Hudson also is concentrating on large loan-portfolio acquisitions and asset management activities.

Established as a Minority-Owned Business Enterprise (MBE) and headquartered in New York City, Hudson has regional offices in Portland, Maine and Fort Myers, Florida. Since the formation of its initial two funds in 2003, the company has closed more than $3.5 billion in transactions. Hudson also has been named among the New York area’s largest minority-owned companies as well as one of the Top 25 lenders nationally.