The Hudson Companies has closed on the $52 million acquisition of the Brooklyn Heights Public Library site and at the same time on a $280 million first mortgage loan toward the construction of the planned 280 Cadman Plaza West project.
Starwood Property Trust and Related Fund Management co-originated the loan, with Starwood Property Trust providing $200 million in financing and Related Fund Management providing the remainder.
The $52 million purchase of the City-owned property will enable Brooklyn Public Library (BPL) to fit out the new Brooklyn Heights branch and fund the deferred capital needs of other branch libraries throughout the borough.
“Today’s closing marks a critical step toward a new state-of-the-art library branch and STEM lab, much-needed market-rate and affordable housing, neighborhood retail, and essential capital funding that will have a direct impact on libraries across Brooklyn,” said David Kramer, President of The Hudson Companies.
“This project makes clear the tangible public benefits that a well-crafted public-private partnership can deliver, and we thank our all of our partners for helping us reach this important milestone.”
“We are building a new, modern library that will be the largest branch in the borough, where Brooklynites can check out books, do research, take classes, enjoy cultural performances, and access the technology that supports their goals. Our partnership with Hudson also provides much-needed affordable housing for the community, and capital improvements for other libraries throughout Brooklyn. We are thrilled to get started,” said Brooklyn Public Library President and CEO Linda E. Johnson.
“NYCEDC is proud to have worked with Brooklyn Public Library and Hudson to deliver this project, and we’re excited to see it take a major step forward today,” said NYCEDC President James Patchett. “With a brand new library for Brooklyn Heights, new affordable housing and a STEM center to serve Brooklyn students, this is a real win-win for our city.”
