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.