Hudson Cos. Lands Refi for $470M Brooklyn Condo Project
Hudson Cos., developer of One Clinton, a $470 million, 38-story, 134-unit, market-rate condominium project in Brooklyn Heights, N.Y., has refinanced the project with a $210 million condo inventory loan provided by King Street Capital Management, GDS Brightstar and MLN Partners.
David Kramer, president of Hudson Cos., said in a prepared statement the condo market in Brooklyn Heights is brisk and New York City is well on its way to a full economic recovery.
The new financing replaces a $280 construction loan provided by Starwood Property Trust and Related Fund Management in 2017, according to The Real Deal. Starwood provided $200 million and Related $80 million at that time. In May 2020, Starwood sold its senior construction loan to Silverstein Capital Partners, Commercial Observer reported.
David Walch, partner & co-portfolio manager at King Street, said in a prepared statement his firm is the lead investor. He said the deal provided a flexible and innovative financing solution to a high-quality project in a top Brooklyn residential neighborhood.
The newly-built mixed-use property located at Cadman Plaza Park and Clinton Street began closings in January. The limestone-clad building was designed by Marvel with interiors by Studio DB. A new state-of-the-art, 26,650-square-foot branch of the Brooklyn Public Library anchors the building. Two retail spaces will be occupied by local businesses, including Brooklyn Roasting Co., and there will also be a 9,000-square-fot STEM lab operated by the New York City Department of Education.
As part of the approvals for the market-rate condo project on the site of the old Brooklyn Heights Library, Hudson Cos. is also building two new affordable rental buildings with a total of 114 apartments in the Clinton Hill neighborhood of Brooklyn. Athena North | South will be affordable to households earning between 60 and 130 percent AMI, according to Hudson Cos. Hudson said it was partnering with IMPACCT Brooklyn, a non-profit, to market and lease the apartments through an official city lottery.
Other affordable housing developments in New York City that Hudson Cos. is involved in include La Central, a large-scale, mixed-use housing development in the Melrose section of the Bronx that last month completed the first 500 of 1,000 units planned for the site. For that project, Hudson teamed with BRP Cos., Kretchmer Cos., ELH-TKC LLC, Communilife and Breaking Ground.