Originally constructed as a carriage house, the vacant three-story building has tremendous repositioning appeal, boasting a double-curb cut and 12-foot high ceilings, which are rare for this neighborhood. The district, once known as “Little Bohemia,” has artist lofts as well as residential towers fronting the Hudson River. To the north is the Meatpacking District and its trendy boutiques and night clubs.
“This transaction is representative of the bifurcation in the capital markets, whereby there is a tremendous amount of capital for stabilized assets and larger transitional assets, but there is a lack of capital for middle-market transitional assets,” said Spencer Garfield, managing director.
Hudson is targeting investments in the $3 million to $35 million per-asset range, as well as large loan-portfolio acquisitions and asset management. Recent New York City-market transactions include a $6 million industrial loft-building construction loan in Brooklyn and $5.275 million first mortgage loan secured by a 13,707-square-
The real estate fund manager’s activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. The company also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Headquartered in New York City, Hudson maintains regional offices in Portland, Maine, and Fort Myers, Florida. The company has closed more than $3.5 billion in transactions since the formation of its initial two funds. The company’s fifth fund is now targeting middle-market debt transactions, including new originations, note acquisition financing, DPO financing and existing loan purchases.