Hudson Realty Capital funds $11 million first mortgage

Hudson Realty Capital LLC has closed a $11 million first-mortgage loan secured by a four-building mixed-use portfolio. The sponsor is utilizing the loan proceeds to acquire the property and establish interest reserves to pursue the long-term business plan. The West 38th St. property, between 5th Ave. and Avenue of the Americas, consists of 48,350 s/f of rentable space. In addition, the mid-rise buildings have a total of 85,920 s/f of as-of-right buildable s/f, which allows for the possibility of future development. Situated in Midtown West, the neighborhood is close to theaters, tourist venues and office buildings as well as mass transit links. Like many of Hudson's clients, the sponsor is a repeat borrower. Since its inception in 2003, Hudson has been providing flexible capital to sponsors with transitional or value-add assets involved in intricate transactions. "Our ability to offer borrowers flexibility and surety of execution has been key in helping clients close on middle-market transitional assets successfully and rapidly," said Spencer Garfield, managing director, who spearheads the company's originations. "In this particular case, the sponsor required reliable execution from a lender that understood the dynamic exit strategy." As part of its investment platform, Hudson is focusing on new originations, note acquisition financing, DPO financing and performing and non-performing loan purchases. The Manhattan-based real estate fund manager 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. In recent months, the company has funded first-mortgage loans secured by a 13,707 s/f mixed-use building, near Kenmare St. and Bowery, and a 50,040 s/f multifamily property with ground-floor retail along Woodhaven Blvd. in Queens, as well as a bridge loan secured by a 6,400 s/f West Village commercial building. In Brooklyn, Hudson also has closed a $4.65 million bridge loan involving a 31,200 s/f industrial loft building in Williamsburg, $6 million construction loan involving a vacant industrial loft building in the North Williamsburg section and a $5.4 million bridge and construction loan involving an apartment building in Prospect Heights. In addition to its loan originations, Hudson is active in large loan-portfolio acquisitions and asset management activities. Recent acquisitions include an $80 million portfolio of distressed assets in Florida, Louisiana, Mississippi and Alabama as well as two FDIC loan pools. 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 and 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.