The Loan Completes the Acquisition of the 370-unit Garden Complex in Austin, TX and will Facilitate a Major Renovation by the New Owner
AUSTIN, TX, May 24, 2010 – Hudson Realty Capital, a real estate fund manager based in New York City, has funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin. The sponsor is Post Investment Group, an owner of approximately 6,000 residential units. Based in Los Angeles, California, the group acquired the property from a special servicer that had foreclosed on the property.
"Given current market conditions, we are targeting strategically located properties with strong sponsorship. Hudson is currently partners with Post on another property and thinks highly of their organization,” said Spencer Garfield, managing director of Hudson. “This investment is a good example of where Hudson provided capital that was traditionally available from regional and local banks but is still restricted as a result of market conditions.”
"Our business strategy continues to focus on originating, purchasing, and participating in special-situation debt in the middle-market, as characterized by this transaction," he added.
Situated on 14 acres, the multi-family rental complex features wood frame construction with exterior finishes of siding, brick and stone. Under the new ownership, the property consisting of 44 buildings with 632 parking spaces will undergo a major, $4 million renovation and modernization.
Based in New York City, with a southeast regional office in Boca Raton, Fla., and northeast operations in Portland, Maine, Hudson currently has more than $2 billion of assets under management. A certified HYPERLINK "http://www.empire.state.ny.us/Small_and_Growing_Businesses/mwbe.asp" Minority-Owned Business Enterprise (MBE), the company has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2002.
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