NEW YORK—Hudson Realty Capital L.L.C. has funded a $6.5 million bridge loan secured by a 6,400-sq.-ft. West Village commercial building. Loan proceeds are being utilized by the sponsor, an experienced developer, builder and repeat borrower of Hudson, for debt refinancing and to fund pre-development expenses.
Originally constructed as a carriage house, the vacant three-story building has a double-curb cut and 12-ft. high ceilings.
“This transaction is representative of the bifurcation in the capital markets, whereby there is a tremendous amount of capital for stabilized assets and larger transitional assets, but there is a lack of capital for middle-market transitional assets,” said Spencer Garfield, managing director.