Hudson Companies has secured a $210 million condo inventory
loan for One Clinton in Brooklyn Heights.
Investment manager King Street Capital Management, along
with GDS Brightstar, the real estate lending arm of New York-based GDSNY, and
MLN Partners, a private real estate investment firm, provided the financing.
“We are pleased to provide a flexible and innovative
financing solution to this high-quality project in one of Brooklyn’s top
residential neighborhoods,” said David Walch, Partner and Co-Portfolio Manager
at King Street. “As lead investor, our ability to provide capital in a timely
manner allowed the development team at Hudson Companies to see how effectively and
nimbly we could work together alongside our partners, and we look forward to
seeing this unique project move forward.”
Closings at the 134-unit One Clinton got underway in January
and the development is expected to sellout at around $475 million.
Hudson’s David Kramer said he was upbeat about future sales,
noting, “The condo market in Brooklyn Heights is brisk and New York City is
well on its way to a full economic recovery.”
Alan Rudikoff, partner and co-founder of GDSNY, said the
company continued to target high-quality assets and real estate opportunities
in New York. “One Clinton is a prime residential condo tower in a triple-A
location, offering superbly designed homes – built and sold by a first-class
developer team,” he added.
