HRC purchases $9.33 million B-Note in construction loan for condo acquisition

Hudson Realty Capital LLC (HRC) has purchased a $9.33 million B-note financing in a construction loan to fund the acquisition of a 6,306 s/f parcel of land in the West Chelsea area into a 44,939 s/f luxury condominium building. When completed, the project will include 19 residential units and two ground-floor commercial units. "HRC continues to make investments in for-sale housing in New York on a very select basis and in conjunction with experienced sponsors," said Spencer Garfield, managing director of HRC.