Hudson Companies landed a $280 million construction loan for its mixed-use, library and condominium tower in Brooklyn Heights.
Starwood Property Trust and Related Fund Management provided the debt, which closed Thursday, according to the Wall Street Journal. Starwood provided $200 million and Related filled in the rest.
Hudson bought the site from the city for $52 million in a deal that paves the way for a new library and 134 condominium units.
“This is the poster child for public-private projects,” Hudson Companies president David Kramer said.
The $470 million project at 280 Cadman Plaza West includes a 36-story tower with a 26,620-square-foot library and a 9,000-square-foot science, technology, engineering and math laboratory for students. The project is expected to be completed in 2020.
The developer also plans to build 114 units of affordable housing off-site on a privately-owned site in Clinton Hill, more than double the number required. [WSJ] — Rich Bockmann
(To view more of Hudson Companies’ new construction projects, click here)