CLIFTON, NJ-Hudson Realty Capital LLC, a real estate opportunity fund manager headquartered in New York City, in conjunction with Parkwood Development LLC, has purchased a $33 million note secured by 109 partially completed age-restricted condominium units here. The partnership immediately foreclosed on the note with plans to complete construction and sell the remaining units at competitive market rates.
The units are part of the third and final phase of Winthrop Court, comprised of 270 age-restricted residences within the master-planned community of Cambridge Crossings. The gated community is located near the Garden State Parkway and Routes 3, 46 and 80 as well as the region’s network of rail and bus lines.
“This transaction is in line with Hudson’s investment strategy of purchasing off-market, non-performing debt at discounts that will provide superior risk-adjusted returns. In this particular transaction, Hudson “was fortunate to partner with Parkwood Development, a high-quality developer, who is capable of providing the services necessary to complete construction and deliver a premium product to market,” Spencer Garfield, Hudson’s managing director, tells GlobeSt.com.
Upon completion, each of Winthrop Court’s remaining buildings will feature two-bedroom, two-bathroom units. Some of the residences also have loft areas. Upscale finishes include a formal, tiled entry foyer; spacious living and dining spaces; gas fireplaces; crown molding; and a generous master bedroom suite with a walk-in closet, sitting area and oversized bathroom.
The community boasts an array of lifestyle amenities. The private clubhouse has a gathering hall, pub-style lounge, billiards room, theater room, commercial kitchen and full-service gym with saunas. Off the back of the clubhouse is a large heated pool with an attached hot tub and water features.
In addition to the Winthrop Court investment, Hudson recently funded a $9.17-million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin, TX, and closed a $2.8-million first mortgage loan secured by an 8.9-acre industrial park in Staten Island, NY. “We are actively pursuing similar opportunities and have several transactions in the pipeline,” adds Garfield.
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