Hudson Companies signs $210M condo inventory loan at One Clinton

Hudson Companies through the entity Cadman Associates LLC as borrower signed a refi loan with lender King Street Capital Management, GDS Brightstar, and MLN Partners through the entity One Clinton Holdings, L.P. valued at $210 million for unsold condo units at 1 Clinton Street in Brooklyn Heights, Brooklyn.
The deal closed on July 20, 2021 and was recorded on August 3, 2021.

The signatory for Hudson Companies was David Kramer.
(321197478)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 134 residential units on November 4, 2020.
This is a condo inventory loan. Hudson Companies’ One Clinton is a 134-unit, 38-story condo tower rising from the site of the former Brooklyn Heights Library.
There was a condominium project filed with the address 1 Clinton Street and the name One Clinton Condominium (the) on January 8, 2018. The principals of the sponsor, Cadman Associates Llc, were One Clinton Llc and David Kramer. link

Within a 400-foot radius of 1 Clinton Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 4, 2019 for the $1.8 million renovation of a residential R-2 building with six residential units at 1 Monroe Place.
Of those three items, two were loans above $5 million totaling $76.8 million. The most recent of the two was Cadman Towers Inc. which borrowed $41.8 million from New York City Housing Development Corporation secured by the 450,503-square-foot, 121-unit co-op (D4) on 10 Clinton Street and one other property on July 7, 2021.

Direct link to Acris document. link