Hudson Companies signs $28M refi loan with Ladder Capital in East Williamsburg

Hudson Companies through the entity Sandy Scholes LLC as borrower signed a refi loan with lender Ladder Capital Finance valued at $28 million for the office building (O5) at 314 Scholes Street in East Williamsburg, Brooklyn.
The deal closed on August 6, 2021 and was recorded on August 18, 2021.
The property has 85,897 square feet of built space and 0 square feet of additional air rights for a total buildable of 48,440 square feet according to PincusCo analysis of city data. The loan price per built square foot is $325 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 30-Aug-16, for $27.8 million.
The signatory for Hudson Companies was David Kramer.
(321195069)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 16, 2019.

Within a 400-foot radius of 314 Scholes Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 4, 2020 for the $627,300.0 renovation of 4,833-square-foot A-2 building with N/A residential units at 290 Meserole St.
One of those two items was a loan which Mayer Kohn borrowed $7.8 million from Greystone & Co. secured by the 5,475-square-foot, six-unit rental (C2) on 323 Stagg Street and two other properties on February 11, 2021.

Direct link to Acris document. link