THE HUDSON COMPANIES CLOSE ON CAPITAL RESTRUCTURE DEAL FOR MIXED-USE DEVELOPMENT IN NORTH WILLIAMSBURG, BROOKLYN
House No. 94 includes 75 mixed-income homes with ground-floor retail space in the heart of North Williamsburg
(BROOKLYN, NY) – The Hudson Companies closed on a $28.3 million capital restructuring deal for House No. 94, a recently constructed mixed-income and mixed-use residential building in the heart of North Williamsburg, Brooklyn. Brokered by Newmark, financing was provided through a new loan by Voya Financial and a new Joint Venture with Meadow Partners.
“At Hudson, we’re committed to delivering high-quality homes, and House 94 is a great example of our attention to detail. Located in one of the hottest neighborhoods in Brooklyn and boasting a roaster of leading retail tenants in one of North Williamsburg’s best trafficked retail blocks, House 94 is among the few boutique assets with high-quality amentiies near the Williamsburg waterfront”, said Chris Zedano, Director of Asset Management at Hudson Companies. “We are proud of our work and excited to continue owning this extraordinary asset. We thank Newmark, Voya Investment Management, Meadow Partners, and our partners for their continued support in making this deal come to fruition.”
“We are excited to invest alongside Hudson in this exceptional property which as a newly-constructed and amenitized building embodies the type of residential product that renters consistently seek in Williamsburg,” said Marc Mechanic, Partner at Meadow Partners. “As pricing volatility has increased throughout the city, we are encouraged by Williamsburg’s consistent rental growth as an indicator of strong fundamentals and a stable supply-demand imbalance. Rising mortgage rates and a well-performing economy should continue to drive heightened demand for luxury rental housing in the area which should keep rental levels high.”
“The experienced sponsorship group coupled with House94’s high-quality construction, full suite of amenities, premier retail tenancy and unrivaled location in the heart of Williamsburg attracted robust demand from institutional capital both domestically and internationally. The successful recapitalization reflects the continued strength of multifamily product in New York City despite the headwinds facing the broader capital markets”, said Brett Siegel, Vice Chairman at Newmark.
Located at 94 North 3rd Street, the five-story boutique building has 75 apartments, with 20 percent set aside for low-income households. Residents have access to an array of curated amenities, including concierge service, a lounge with a pool table and kitchenette, a mailroom with a custom mural by Brooklyn artist Paul Catalanotto, a fully equipped gym, an expansive interior courtyard, patios, two rooftop terraces with outdoor kitchens, private garden plots, bike storage, and on-site parking.
House No. 94 is conveniently located just minutes from Manhattan with subway and ferry connections, a few blocks from the Bedford Avenue L subway station.
ABOUT THE HUDSON COMPANIES
The Hudson Companies Incorporated is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area. The firm is experienced in both new construction and rehabilitation and is active across the luxury, affordable, and institutional housing markets. Hudson prides itself on seeking out and successfully completing a broad array of complex and exciting residential projects, many of which are joint ventures or public-private partnerships. Reflecting its longstanding commitment to quality, Hudson’s newest projects are designed to meet or exceed green building standards such as Passive House, LEED, EnergyStar, and Enterprise Green Communities. Hudson also has extensive experience working with government agencies in planning and executing complicated residential developments on underutilized government-owned properties. Hudson has completed nearly 8,000 housing units and has thousands of additional units currently in construction or predevelopment. https://www.hudsoninc.com/