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

Wells Fargo again finances one of developer’s BK projects

Jan.January 30, 2017 07:00 AM

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.

Related Articles

From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

10 East 53rd Street and SL Green's Marc Holliday (Credit: TPG Architecture, Sl Green)

SL Green snags $220M refi for Midtown East office tower

East Williamsburg’s Williamsburg Houses and the Harlem River Houses and (Credit: Wikipedia)

NYCHA inks $1.5B deal to privatize management of 5,900 units

Hudson Companies president David Kramer 

David Kramer on outer-borough development in the 2010s

New York Life building gets $410M refi

New York Life building gets $410M refi

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Clockwise from left: 10 Jay Street, Rochdale Village and 46-06 57th Avenue (Credit: Google Maps)

These were the top 10 outer borough loans last month