Mortgage Observer

In Development

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Doug Stern had a real estate dream. In his early 40s, after years in private equity and managing his family’s commercial real estate properties, he longed for a career change and a development project on his own. His mission became clear in Bayonne, N.J., where, he said, he fell in love with the former headquarters of the intimate apparel company Maidenform. Located two blocks from the Hudson-Bergen light rail 22nd Street station, the four-story, 94,000-square-foot brick complex—over 100 years old—was familiar to generations of Bayonne residents, many of whom had worked there until the company moved to Iselin, N.J. in 2007. Mr. Stern saw the potential for the historic, vacant property into a Brooklyn-style 99-unit residential building.

Although he could buy the building, he figured that he needed upward of $20 million in construction financing to redevelop it. Read More

Mortgage Beat

$6 Million in Construction Financing in Place for 139 North 10th Street

139 North 10th Street.

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. Read More

Mortgage Beat

Hudson Realty Capital Funds Refinance of 164 Elizabeth Street

164 Elizabeth Street.

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. Read More

Mortgage Beat

Hudson Realty Capital Closes Bridge and Construction Loan for Prospect Heights Multifamily Property

Spencer Garfield.

Hudson Realty Capital has funded a $5.4 million bridge and construction loan for a partially completed building on Saint Mark’s Avenue in Prospect Heights, The Commercial Observer has learned exclusively, as activity at stalled sites continues to pick up.

Last year, according to data from the New York Building Congress, the number of stalled sites fell by 8 percent, measured in October 2011 and compared to the same period a year previous. Brooklyn, however, remains the leader in stalled sites. Read More