Jan. 17, 2013
-- Hudson Realty Capital LLC (Hudson) has funded a $9 million first-mortgage construction loan involving a partially completed condominium development in northern Bergen County, N.J. Loan proceeds are being utilized by the borrower to complete construction of 34 condominium units and 10 attached and semi-attached townhouses in Northvale.
According to Spencer Garfield, managing director, the sponsor is a repeat borrower who previously secured two separate loans. One was for a retail condominium asset on Atlantic Avenue in Brooklyn and the other involved a four-building mixed-use portfolio on West 38th Street in Manhattan. "Because of this borrower's proven track-record and our market expertise, Hudson is able to offer swift, reliable execution to facilitate the completion of construction and sale of the remaining units," he said.
The complex is comprised of 10 elevator buildings featuring a total of 88 residential condominium homes. Amenities include a clubhouse with a 34-seat theater, fitness center, grand salon, outdoor heated pool, 240 parking spaces and 1.4 park-like acres with walking paths. Situated on the border of Bergen County, N.J., and Rockland County, N.Y., Northvale is a picturesque suburban commuter hub within the New York metro region.
New York City-based Hudson continues to focus on originating and purchasing senior debt, as well as large loan-portfolio acquisitions and asset management activities. Hudson's latest transactions involve new originations, note acquisition financing, DPO financing and performing and non-performing loan purchases. The company originates, purchases, participates in, services and restructures special-situation debt. Additionally, Hudson invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Headquartered in Manhattan, 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 in 2003 and currently has more than $2 billion of assets, including multi-family, retail, office and industrial, under management.
Established as a Minority-Owned Business Enterprise (MBE), Hudson has been named a "Champion of Diversity;" among the New York Area's largest privately held companies and largest minority-owned companies; and as one of the Top 25 lenders nationally.