HUDSON REALTY FUNDS $5.9M LOAN FOR QUEENS PROPERTY

by admin

NEW YORK CITY — Hudson Realty Capital has funded a $5.9 million first-mortgage loan for a 50,400-square-foot apartment and retail property on Woodhaven Boulevard in Queens. The borrower, a real estate owner and investor, plans to use the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property. The six-building property includes 42 apartment units and 11,250 square feet of retail space. Occupancies are 83 percent and 20 percent for the residential and commercial units, respectively.

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