First Mortgage Lien Secured by Two Non-Contiguous Rental Buildings in Northwest Quadrant of Capital
WASHINGTON, D.C. – January 26, 2012 – (RealEstateRama) — Hudson Realty Capital LLC has funded a $4 million bridge loan involving two multi-family rental properties in Washington, D.C. The borrower utilized the loan proceeds to pay off the properties’ existing mortgage, which had matured, and to fund necessary reserves.
The assets consist of two non-contiguous three-story buildings, located within minutes of each other, in the desirable Northwest quadrant of Washington, D.C. Offering a unit mix of studio, one-bedroom and two-bedroom apartments, the buildings are located in a strong market boasting considerable growth potential. The Northwest quadrant is comprised of the central business district, Federal Triangle and museums along the northern side of the National Mall, as well as the DuPont Circle, Georgetown, Adams Morgan, Embassy Row and Foggy Bottom neighborhoods.
“This transaction was a perfect example of Hudson providing creative and expeditious capital to assist a borrower who was in distress,” said Spencer Garfield, managing director. “The real estate itself was fine quality, stable multifamily; however, the borrower had a maturity default that needed to be cured in short order, and Hudson provided the capital to do so.”
Established in 2003, Hudson has more than $2 billion of assets under management and has closed more than $3.5 million in transactions since the formation of its initial two funds. The company continues to focus on middle-market investments, generally in the $3 million to $35 million per asset range. Activities include originating, purchasing, participating in, servicing and restructuring special-situation debt. In addition, the company is active in large loan-portfolio acquisitions and asset management activities. Hudson also invests directly in real estate and acquires under-performing assets and other real estate-related instruments.
Headquartered in New York City, Hudson maintains regional offices in Portland, Maine and Fort Myers, Florida. The company has been named among the New York area’s largest privately held companies and largest minority-owned companies, as well as one of the Top 25 lenders nationally.
Carin McDonald / 201-796-7788 /