NEW YORK CITY-Hudson Realty Capital has closed on a $2.8-million first mortgage loan secured by an 8.9-acre industrial park in Staten Island, GlobeSt.com has exclusively learned. The borrower was not disclosed; the loan was used to buy the existing first mortgage on the property.
The collateral includes five three-story buildings totaling 165,150 square feet of warehouse space. The address of the property was not disclosed; it is between Lake and Granite avenues on Staten Island, not far from the Staten Island Expressway.
“Given the low loan-to-value ratio, Hudson was able to offer the borrower both speed and surety of execution on this relatively complex, yet small transaction,” says Spencer Garfield, managing director, in a statement. “Hudson provided ‘rescue’ capital on an asset type and transaction for which conventional financing is not available.”
Additionally, HRC recently funded a $9.17-million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin, TX. The borrower was not disclosed.
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