Hudson Companies lands $280M construction loan for BK Heights project

Developer building 134 condos and a new library at 280 Cadman Plaza West

Jun.June 19, 2017 08:17 AM

Hudson’s David Kramer and a rendering of 280 Cadman Plaza West (Credit: Marvel Architects)

Hudson Companies TRData LogoTINY 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

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

426 9th Street and 81 Pierrepont Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market sees deals plummet