RXR, Hudson Realty Capital Form Lending JV

NEW YORK CITY-Partnering up to originate and purchase commercial real estate debt assets, fund manager Hudson Realty Capital LLC and owner/manager RXR Realty LLC are working together on a new lending platform. The two companies will focus on first-mortgage bridge loans, as well as B notes, mezzanine and preferred equity opportunities in Manhattan, the city’s outer-boroughs, southern Connecticut and Westchester County.

Spencer Garfield, managing director at Hudson, tells GlobeSt.com that joint venture will generally target loans or investments in the amounts between $10 million and $50 million throughout the capital stack — an area that both companies believe is a significantly underserved segment of the market, particularly for value-add investments, as well as recapitalizations.