Benefit Street Partners Provides $48M Refi for Brooklyn Mixed-Income Multifamily

The Hudson Companies has secured $47.6 million to refinance the Clark, a 170-unit, mixed-income multifamily property in Brooklyn, Commercial Observer can first report. 

Benefit Street Partners provided the debt, while Newmark’s Daniel Fromm, Samuel Speciale and Lance Tillman arranged the financing. 

SEE ALSO: BridgeCity Lends $28M for Williamsburg Multifamily Development 

Chris Zedano, managing director at the Hudson Companies, noted in a statement that the new debt is expected to place his asset, which opened in 2018 with tax benefits, “on strong, stable footing” and create an enduring housing option in Brooklyn’s Prospect Lefferts Gardens neighborhood.

The Hudson Companies used the now-expired 421-a affordable housing abatement to finance construction of the property. 

“We built the Clark with the goal of delivering high-quality, mixed-income housing to Prospect Lefferts Gardens, and that commitment hasn’t changed,” added Zendano. 

Located at 310 Clarkson Avenue in Brooklyn, the Clark stands eight stories and includes market-rate, rent-stabilized and affordable housing units. The asset also features 7,700 square feet of ground-floor retail space. 

Brian Pascus can be reached at bpascus@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.