Hudson Companies Seals $28M Refinance for North Williamsburg Rental Building
By Rebecca Baird-Remba December 8, 2023 5:58 pm
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Hudson Companies has closed on a $28.3 million refinance for House No. 94, a 75-unit, mixed-income residential building in North Williamsburg, Brooklyn.
Investment company Voya Financial provided the $28.3 million, three-year, interest-only loan, and Meadow Partners contributed another $12 million of preferred equity, according to a Hudson spokesperson.
The 75-unit development at 94 North Third Street includes 15 apartments set aside for low-income residents. It features amenities such as a concierge service, a lounge with pool table and kitchenette, a gym, an interior courtyard, two roof terraces with kitchens, private garden plots, bike storage and parking.
The property is also home to a few retail tenants, including French clothing brand A.P.C., fitness chain Solidcore, accessory brand Rains and Williamsburg Veterinary Clinic.
Hudson finished the building, which was designed by Marvel Architects, in 2018.
“As pricing volatility has increased throughout the city, we are encouraged by Williamsburg’s consistent rental growth as an indicator of strong fundamentals and a stable supply-demand imbalance,” said Marc Mechanic, a partner at Meadow Partners. “Rising mortgage rates and a well-performing economy should continue to drive heightened demand for luxury rental housing in the area which should keep rental levels high.”
Newmark’s Brett Siegel, David Behin and Dan Fromm brokered both the loan and equity for the transaction. Siegel noted that the deal reflected the strength of the city’s higher-end rental market.
“The successful recapitalization reflects the continued strength of multifamily product in New York City despite the headwinds facing the broader capital markets,” Siegel said in a statement.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
