Hudson Cos., BedRock, sign $21M refi for 73-unit rental in Windsor Terrace

Hudson Companies and BedRock Real Estate Partners through the entity 22 Caton Property Owner LLC as borrower signed a refi loan with lender Cathay Bank valued at $21 million for the 73-unit residential elevator building (D1) at 22 Caton Place in Windsor Terrace, Brooklyn.
The deal closed on November 25, 2024 and was recorded on December 4, 2024. The prior lender was Investors Bank which held debt that had an original loan amount of $30 million.The property has 86,081 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $243 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 June 28, 2013, for $3.4 million. The signatory for Hudson Companies and BedRock Real Estate Partners was Tracey Appelbaum. The signatory for Cathay Bank was Nicholas Nouvel. BedRock Real Estate Partners was a limited partner. https://www.bedrockllc.com/portfolio-items/22-caton-place/

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jorge Jorge, head officer and Daniel Papa, officer. The business entities are Lisa Management Inc. and Hudson Cbd Caton Llc.

The property

The residential elevator building with 73 residential units in Windsor Terrace has 86,081 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 125 feet deep with a total lot size of 20,625 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2017 and expires in 2032. The city-designated market value for the property in 2022 is $13.8 million. The property has 73 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five housing violations and $1,800 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 9, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 297,670 square feet of the 332,320 square feet. The largest owner is Dermot Company, followed by Hudson Companies and then Steven Frey.
On the tax block, there was one new building construction project filed totaling 3,148 square feet. It is a two-unit, 3,148 square-foot residential (R-3) building submitted by Michelle/Dahlia Mcmanus with plans filed June 18, 2019 and permitted July 27, 2020.

The majority, or 99 percent of the 332,320 square feet of built space are elevator buildings, with mixed-use buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Hudson Companies owned at least 64 commercial properties with 2,871 residential units in New York City with 2,898,897 square feet and a city-determined market value of $322.3 million. (Market value is typically about 50% of actual value.) The portfolio has $976.8 million in debt, with top three lenders as MLN Partners, CitiBank, and Webster Bank respectively. Within the portfolio, the bulk, or 60 percent of the 2,898,897 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 8 percent of the space.
The PincusCo database currently indicates that Bedrock Real Estate Partners owned at least two commercial properties with 168 residential units in New York City with 156,023 square feet and a city-determined market value of $29 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 156,023 square feet of built space are elevator properties, with industrial properties next occupying 8 percent of the space. They are all located in Queens.

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