Hudson Companies borrows $10M from Merchants Capital Corp. for property in Bedford-Stuyvesant

Hudson Companies through the entity Skipp To My Lilly, LLC as borrower signed a loan agreement with lender Merchants Capital Corp. valued at $9.6 million for 9 parcels, including the tax class multifamily, over six families without stores (C1) and containing 230 residential units at 29 Patchen Avenue, 4 Vernon Avenue, 8 Vernon Avenue, 12 Vernon Avenue, 16 Vernon Avenue, and others in Bedford-Stuyvesant. The deal closed on September 27, 2019 and was recorded on October 7, 2019.
The property contains a total of 37,500 square feet of built space. The property has 14,625 square feet of available development rights.
The average loan per unit is $41,522.
The last time the property sold was October 7, 2015, for $4,611,083.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $904,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article