NORTHVALE, NJ- Hudson Realty Capital has provided a $9 million first-mortgage construction loan to permit completion of a partly-built condominium development in northern Bergen County.
The loan will fund completion of 34 condominium units and 10 attached and semi-attached townhouses at the Northvale site. Hudson did not disclose the identity of the borrower.
According to Spencer Garfield, managing director of Hudson, the borrower had previously secured two other loans with the firm, one for a retail condominium in Brooklyn and the other for a 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” of the loan to finish the Northvale project, Garfield said.
The complex will have a total of ten elevator buildings, holding a total of 88 condos. Amenities include a clubhouse with a 34-seat theater, fitness center, grand salon, outdoor heated pool, 240 parking spaces and 1.4 acres with walking paths.
Northvale, which sits on the border of Bergen County and Rockland County, NY, is a suburban commuter hub within the New York metro region.
New York City-based Hudson is continuing its focus on originating and purchasing senior debt, as well as large loan-portfolio acquisitions and asset management activities, Garfield noted.
Established as a Minority-Owned Business Enterprise, the company originates, purchases, participates in, services and restructures special-situation debt. Also, Hudson invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Headquartered in Manhattan since its founding ten years ago, Hudson has regional offices in Portland, ME, and Fort Myers, FL. It currently has more than $2 billion in assets under management, including multi-family, retail, office and industrial.
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.