NEW YORK—Hudson Realty Capital LLC has funded a $5.5 million first mortgage construction loan secured by a former school building in Brooklyn, N.Y. The sponsor is using the loan proceeds to fund renovations at the property, which is located in the Bedford-Stuyvesant neighborhood.
“This repeat borrower relied on our swift loan execution in order to proceed with the business plan, which is to complete the renovation and lease-up the residential units,” said Spencer Garfield, managing director, originations, Hudson.
A former Catholic school and rectory, the property is comprised of two buildings, which, combined, total 57,720 sq. ft. of space. The properties will be converted into a 46-unit multifamily complex with underground parking. Ownership plans to convert the former school building into a mix of studio, one- and two-bedroom units, a lounge and gym facility.