NEW YORK—Hudson Realty Capital, based in New York, has funded a $6.8 million bridge loan secured by a 10.95-acre former shipping and receiving terminal in Prince Georges County, Md.
The property was acquired in 2006 by the borrower and has been granted rezoning approvals for a mixed-use redevelopment. Long-term plans for the property include the development of multifamily space as well as office and retail space. Amenities planned include a fitness center, daycare facility and parking area.
“In this particular case the sponsors needed reliable and flexible bridge financing to effectuate their discounted payoff,” said Spencer Garfield, managing director of Hudson Realty Capital. “Hudson was able to offer a short-term loan with very flexible pre-payment penalty and to offer the surety of execution that sponsors need when they are negotiating with their current lenders.”