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.