The Hudson Cos. close on capital restructure deal for mixed-use development

Brooklyn, NY The Hudson Companies closed on a $28.3 million capital restructuring deal for House No. 94, a constructed mixed-income and mixed-use residential building in North Williamsburg. Brokered by Newmark, financing was provided through a new loan by Voya Financial and a new joint venture with Meadow Partners.

“At Hudson, we’re committed to delivering high-quality homes, and House 94 is a great example of our attention to detail. Located in one of the hottest neighborhoods in Brooklyn and boasting a roaster of leading retail tenants in one of North Williamsburg’s best trafficked retail blocks, House 94 is among the few boutique assets with high-quality amentiies near the Williamsburg waterfront”, said Chris Zedano, director of asset management at Hudson Companies. “We are proud of our work and excited to continue owning this extraordinary asset. We thank Newmark, Voya Investment Management, Meadow Partners, and our partners for their continued support in making this deal come to fruition.”

“We are excited to invest alongside Hudson in this exceptional property which as a newly-constructed and amenitized building embodies the type of residential product that renters consistently seek in Williamsburg,” said Marc Mechanic, partner at Meadow Partners. “As pricing volatility has increased throughout the city, we are encouraged by Williamsburg’s consistent rental growth as an indicator of strong fundamentals and a stable supply-demand imbalance. Rising mortgage rates and a well-performing economy should continue to drive heightened demand for luxury rental housing in the area which should keep rental levels high.”

“The experienced sponsorship group coupled with House94’s high-quality construction, full suite of amenities, premier retail tenancy and unrivaled location in the heart of Williamsburg attracted robust demand from institutional capital both domestically and internationally. The successful recapitalization reflects the continued strength of multifamily product in New York City despite the headwinds facing the broader capital markets,” said Brett Siegel, vice chairman at Newmark.