Hudson Realty Capital has supplied a $5.3 million first mortgage to refinance a 13,707-square-foot mixed-use building in the Nolita neighborhood of Manhattan, The Mortgage Observer has learned.
The six story building, at 15-25 Kenmare Street, aka 164 Elizabeth Street, contains 15 residential units and two ground floor commercial spaces, including the newly opened industrial brasserie Ken & Cook which is operating in the former Travertine space.
The loan’s proceeds are being used to replace maturing debt and to establish operating reserves.
“Hudson was able to provide funding that allowed the borrower to pay off the maturing debt, without a pre-payment penalty,” said Hudson managing director Spencer Garfield. He added that this type of middle market funding is typical of the work Hudson is currently doing throughout the country.
The owner, David Zahabian, bought it back in 2007 for roughly $10 million.