Hudson Realty Capital has provided a $6 million construction loan for a vacant industrial loft building in Williamsburg, Brooklyn, the company said. The loan closed June 14 and will be used to transform the five story property—at 139 North 10th Street—into residential condos.
The owner, Fortis Property Group, had previously taken out a $4.65 million bridge loan from Hudson for the building’s acquisition at the end of 2011.
“The borrower came back to Hudson for the loan upsize in order to complete building-wide renovations and proceed with the business plan,” Spencer Garfield, Hudson’s managing director, said in a prepared statement. “Demand for construction-loan financing on partially completed projects in secondary and tertiary markets is growing and Hudson is able to dispense capital for these types of assets in the $5 million to $35 million range.”
Neither Mr. Garfield nor Fortis Property Group could be reached for comment about this recent round of financing on the building.
The 42,500-square-foot building was constructed in 1910 and according to Hudson will be redeveloped into loft apartments, studios, and one-, two- and three-bedrooms.