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HOBOKEN, NJ-Hypo Real Estate Capital Corp., the New York-based subsidiary of Hypo Real Estate Bank International, has provided a first mortgage loan secured by the Hudson Tea Buildings. The property is a condo conversion being done by a joint venture of Toll Brothers Inc. and Apollo Real Estate Advisors as part of the Apollo-GMAC Real Estate Mezzanine Fund.

The amount of the funding has not been disclosed. However, a source with knowledge of the transaction puts the figure in the $145 million range.

As reported earlier by GlobeSt.com, Toll and Apollo are in the process of converting the 525-unit Hudson Tea Building apartments to luxury condos. Located on the Hudson River waterfront, the complex consists of two, 12-story buildings totaling 540,000 sf on 3.9 acres. Formerly a Lipton Tea manufacturing site, the buildings were turned into rental apartments in 2000 by the previous owner.

With the conversion, the property is being marketed as 1500 Washington and 1500 Hudson at Hudson Tea. Besides the residential units, the property has a small retail component.

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