The Real Deal New York

Hudson scores $63M loan to build 250-unit PLG rental

Wells Fargo again finances one of developer’s BK projects
By Mark Maurer | January 30, 2017 07:00AM

Rendering of 350 Clarkson Street in Prospect-Lefferts Gardens and David Kramer

David Kramer’s Hudson Companies secured a $63 million construction loan from Wells Fargo for a 250-unit rental project in Prospect-Lefferts Gardens, the firm told The Real Deal.

The developer said it expects to begin leasing at the eight-story, 225,000-square-foot building at 350 Clarkson Street in 2018.

Hudson TRData LogoTINY, a Union Square-based development firm led by David Kramer, paid $13.1 million for the four parcels at 350 Clarkson Avenue to the nonprofit Health Science Center at Brooklyn Foundation in 2015. Later that year, the firm filed plans for the rental building.

The CetraRuddy-designed building will also hold amenities such as a rooftop terrace, private screening room, yoga room, game room and a garden.

Wells Fargo’s loan is not the first one it’s provided to Hudson. The bank also gave the developer $47 million in state housing bonds for a Williamsburg rental project in 2015 and $105 million for the “passive house” building at the Cornell Tech megadevelopment last year.

This project is Hudson’s third in the neighborhood. The Parkline, a 23-story, 254-unit rental building at 626 Flatbush Avenue, opened last year. Hudson is also developing an eight-story, 170-unit rental at 310 Clarkson Street, next door to its latest project.