Walker & Dunlop Provides $19M Bridge Loan for Luxe Hudson, NY Complex
Washington, D.C.-based lender Walker & Dunlop has provided $18.5 million in non-recourse bridge financing backed by The Falls, a 116-unit luxury apartment community located in Hudson, N.Y., Commercial Observer can first report.
Rob Beyer, Ari Hirt, Steven Buchwald, Alex Draganiuk, David Behmoaras and Justin Hunt of Mission Capital Advisors secured and helped structure the financing on behalf of Hudson, N.Y.-based developer JMS Construction.
The loan will replace an existing construction loan and provide additional capital to complete construction of the 22-acre, multifamily housing complex. The Falls, located at 158 Union Turnpike in Hudson, will include 190,000 square feet of apartment space and 20,000 square feet of amenities, according to a 2016 report from Construction Today.
“The Falls will be the premier residential community in the region; however, the lack of comparable product was something of a challenge,” Beyer said in prepared remarks. “In recent years, Hudson has become a popular weekend retreat for New Yorkers, and many empty nesters have begun eyeing the area as a potential relocation spot because of its vibrant arts and culture scene and the accessibility it offers to New York City and Albany. By stressing the area’s increasing allure, we were able to attract numerous non-recourse bids for the sponsor, ultimately securing an attractive loan from Walker & Dunlop.”
JMS acquired the property—formerly the site of local Greenport Elementary School—in 2015. The community will be comprised of four interconnected buildings, featuring indoor and outdoor pools, a full fitness center, walking trails, a wine cellar, a spinning and yoga studio, a 30-seat movie theater, an event space and a spa that includes a sauna, a steam room and a salt room, according to a release detailing the transaction.
Rents range from $1,675 for one-bedroom apartments to $2,300 for three-bedroom units, according information from the property’s website.
“People move to the Hudson area for a slice of urban life, ease of travel to NYC, proximity to nature, and an attractive cost structure,” JMS Chief Executive Officer Mark Salomon said in a 2015 press release on the company’s website announcing the project. “The Falls’ delivers on all three—plus it’s going to be a beautiful, gracious living space.”
JMS Construction could not immediately be reached for comment on the deal. A spokeswoman for Walker & Dunlop did not immediately respond to a request for comment.