PITTSBURGH, PA-Hudson Realty Capital, a Manhattan-based real estate fund manager, has provided an $11.6 million bridge loan to finance repositioning of an office/retail property here.
The 70,478-square-foot property situated close by the University of Pittsburgh and Carnegie Mellon University is undergoing gut rehabilitation. The loan will be used to complete renovations, retire an existing loan, pay bills and establish reserves, according to the lender, which did not disclose the identity of the borrower or the precise address of the property, citing a confidentiality agreement.
“This borrower required dependable financing for base building construction and tenant fit out, which Hudson was able to provide with surety of execution in a relatively short timeframe,” said Spencer Garfield, managing director of the fund. Given a low office vacancy rate in the area, Garfield said a timely lease-up of the remaining space is expected
The building is located just north of the Shadyside neighborhood. There are four signed leases for the space, with one of the tenants already in occupancy.
As a provider of middle-market capital, Hudson focuses on assets in transition, which may be located anywhere around the country, said Garfield. The firm handles loans for all property types in the range of $3 million to $35 million.
Hudson’s recent transactions have involved origination loans, acquisition financing, DPO financing and performing and non-performing loan purchases.
The fund also invests directly in real estate and acquires under-performing assets. Hudson has regional offices in Portland, ME, and Fort Myers, FL.