Hudson Realty Capital has funded a $9.1 million first mortgage secured by a Downtown Brooklyn office building. The loan will be used by the sponsor to lease up the 90,000-square-foot, class B office building and to convert portions of it into executive office suites.
The building, at 540 Atlantic Avenue, is in a prime spot, given recent activity and developments in the area. It sits one block away from a major transportation hub, Atlantic Terminal, and two yards from the Atlantic Yards, where Jay Z has already sold out a series of concerts at the Barclays Center.
“Although this particular loan had several moving parts, it is an attractive transaction for Hudson because of the neighborhood, which we know well,” said Hudson Realty Capital managing director Spencer Garfield. “And it is a market where the sponsor has developed and/or managed several other successful projects, ranging from ground-up construction to purchase and rehab.”