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Hudson Capital Funds Loan for Condos

NEW YORK CITY-Hudson Realty Capital funds a bridge loan that will eventually lead its sponsors to develop a condominium building.

By Tom Sosnowski | Updated on August 17, 2006

(To read more on the multifamily market and the debt and equity markets, click here.)

NEW YORK CITY-Hudson Realty Capital LLC has funded a 12-month, $8-million bridge loan to a bankruptcy remote entity based in New York. The loan will be used by its sponsors to eventually develop a 12-story residential condominium building in Long Island City.

Preliminary plans for the property feature 81-luxury units and structured parking with 60 spaces. Condo units on the sixth through the 12th floors will have unobstructed views of Manhattan and the East River, which is two blocks from the property. The total purchase price for the property was $12.6 million. The address will be 515-525 Borden Ave.

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