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.

|

Upon completion, each of Winthrop Court’s remaining buildingswill feature two-bedroom, two-bathroom units. Some of theresidences also have loft areas. Upscale finishes include a formal,tiled entry foyer; spacious living and dining spaces; gasfireplaces; crown molding; and a generous master bedroom suite witha walk-in closet, sitting area and oversized bathroom.

|

The community boasts an array of lifestyle amenities. Theprivate clubhouse has a gathering hall, pub-style lounge, billiardsroom, theater room, commercial kitchen and full-service gym withsaunas. Off the back of the clubhouse is a large heated pool withan attached hot tub and water features.

|

In addition to the Winthrop Court investment, Hudson recentlyfunded a $9.17-million bridge loan for the acquisition andrenovation of a 370-unit garden apartment complex in Austin, TX,and closed a $2.8-million first mortgage loan secured by an8.9-acre industrial park in Staten Island, NY. “We are activelypursuing similar opportunities and have several transactions in thepipeline,” adds Garfield.

|

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.