CLIFTON, NJ-Hudson Realty Capital LLC, a real estate opportunityfund manager headquartered in New York City, in conjunction withParkwood Development LLC, has purchased a $33 million note securedby 109 partially completed age-restricted condominium units here.The partnership immediately foreclosed on the note with plans tocomplete construction and sell the remaining units at competitivemarket rates.

The units are part of the third and final phase of WinthropCourt, comprised of 270 age-restricted residences within themaster-planned community of Cambridge Crossings. The gatedcommunity is located near the Garden State Parkway and Routes 3, 46and 80 as well as the region’s network of rail and bus lines.

“This transaction is in line with Hudson’s investment strategyof purchasing off-market, non-performing debt at discounts thatwill provide superior risk-adjusted returns. In this particulartransaction, Hudson “was fortunate to partner with ParkwoodDevelopment, a high-quality developer, who is capable of providingthe services necessary to complete construction and deliver apremium product to market,” Spencer Garfield, Hudson’s managingdirector, tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.