Hudson Realty Capital, an integrated commercial real estate and FHA/HUD lender that provides financial solutions to sponsors across the U.S., announced the recent closing of a $34 million Bridge-to-HUD term loan and a $12.2 million FHA Section 223(f) refinancing loan for two residential communities: Deco Green in Lake Worth, Florida and Clearfield Plaza in Clearfield, Utah, respectively.
A $34 million Bridge-to-HUD loan was arranged by Brandon Eustace and structured by Paul Griffin and Brian James of Hudson Realty Capital to pay off construction financing and support the lease-up of the property. Hudson’s multifamily lending team worked closely with Deco Green’s owners to meet a tight timeframe for completing the Bridge-to-HUD transaction thereby avoiding additional extension fees.
Paul Griffin, Managing Director, Due Diligence/FHA Operations, said: “Hudson’s bridge financing provided the sponsor an excellent opportunity to pay off construction debt and positively position the property for lease-up, while meeting their tight timing needs. Since launching our Bridge-to-HUD loan program six months ago, we continue to see strong interest from borrowers in flexible, short-term financing given the shifting dynamics of the current economic environment.”
A $12.2 million FHA Section 223(f) refinancing loan was secured by the Hudson Team of Hudson Realty Capital at a 5.4% interest rate to replace Clearfield Plaza Apartment’s construction loan. Notably, Hudson’s multifamily lending team obtained the Green Mortgage Insurance Premium (MIP) certification through HUD’s Green and Energy Efficient Housing, helping to increase loan proceeds for the borrower. With last minute management changes, Hudson was able to work with the HUD team to ensure a smooth transition and close the loan without delays.
Mandi Hackett, Managing Director and Chief FHA Underwriter at Hudson Realty Capital, said: “For the past three years, our team has worked hand-and-hand with the sponsors amid fluctuating market conditions and multiple extensions. As market conditions have begun to stabilize, our flexibility paid off by enabling us to lock in a lower interest rate and boost loan proceeds at a crucial moment. At Hudson, we take great pride in understanding our clients’ vision while providing high-touch customer service and thoroughness that navigating the FHA space requires.”
Hudson’s team has extensive experience in loan origination, servicing and management, using an integrated approach to aid borrowers in value creation and realizing their business objectives. Hudson Realty Capital has managed investments totaling more than $4.5 billion in aggregate transaction value across the multifamily, office, industrial, retail, mixed-use and hospitality sectors since its inception in 2003. The firm is a fully integrated commercial real estate lender with a robust in-place infrastructure that includes in-house origination and due diligence, asset management and servicing expertise.
Hudson Realty Capital is a New York City-based commercial real estate investment management firm and HUD/FHA lender throughout the U.S. with financial solutions up and down the capital stack. Known for its hands-on approach and unique ability to quickly adapt to shifts in the market, Hudson’s team of seasoned real estate investment professionals possess a broad range of experience in debt origination, distressed debt analysis and work-out, due diligence, securitization, asset management, loan servicing, and disposition. Since its inception in 2003, the company has managed investments totaling more than $4.5 billion in aggregate transaction value across the multifamily, office, industrial, retail, mixed-use and hospitality sectors.
