Queens, N.Y.– Hudson Realty Capital LLC (Hudson), a real estate fund manager with more than $2 billion currently under management, has funded a $21.75 million first-mortgage acquisition loan secured by a newly constructed eight-story mixed-use building in Queens, N.Y. Loan proceeds will be utilized to retire the existing mortgage, satisfy outstanding obligations and market the for-sale residential units.
The property includes 82 one-, two- and three-bedroom residential condominium units; 15 community-space units; eight ground-floor retail units; and 60 parking spaces. Building amenities include a fitness center, a multi-purpose room and a storage room, and most of the residential units have a terrace or balcony. Located in the primarily residential neighborhood of Woodside, the building is just six blocks from the nearest subway and three blocks from the on-ramp to the Brooklyn-Queens Expressway.
The experienced borrower has developed more than 60 properties – including hotels and residential and commercial assets – throughout the New York metropolitan area, according to Spencer Garfield, managing director. “In order to maximize the potential of this value-add asset, the borrower approached Hudson for dependable funding to deliver the residential condominium component to a market where demand far exceeds supply,” he said.
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.