NEW YORK—Hudson Realty Capital L.L.C. has funded a $9.1 million first-mortgage loan secured by a 90,000-sq.-ft. office building in Brooklyn. The sponsor is using loan proceeds for a discounted payoff and to establish operating and interest reserves.
Located on Atlantic Avenue in close proximity to Atlantic Terminal and Atlantic Yards, the Class B property will undergo updates to include the conversion of two floors into executive office space.
“Although this particular loan had several moving parts, it is an attractive transaction for Hudson because of the neighborhood, which we know well, and it is a market where the sponsor has developed and/or managed several other successful projects, ranging from ground-up construction to purchase and rehab,” said Spencer Garfield, managing director.