Hudson Realty Capital Launches $800M Loan Program
FHA/HUD lender Hudson Realty Capital has launched a bridge-to-HUD loan program for market-rate, affordable and senior housing projects. The program targets middle-market transactions for acquiring, constructing, stabilizing and rehabilitating multifamily investments.
Hudson Realty Capital anticipates lending some $800 million over the next 36 months through the program. Rich Ortiz, co-managing partner of the firm, told Multi-Housing News that he is pleased with the responses that the firm has so far received to the new bridge to HUD loan program.
“Given the recent spike in the U.S. 10-year Treasury and concerns about inflation pushing back up, this product’s flexibility makes it a timely and cost-effective way for owners to adapt to evolving market conditions and meet their investment goals while we wait for the return of long-term financing options,” Ortiz said.
Hudson Realty Capital has already issued $153 million in term sheets to facilitate the acquisition of a 330-unit property in Colorado Springs, Colo., the purchase of a 300-unit property in Denver and the refinancing of a 200-unit property in Philadelphia. It is currently reviewing $83 million in loan applications for multifamily properties in Kansas City, Mo., San Antonio, Texas, and Newtown, Conn.
The program is tailored to owners seeking permanent HUD financing but first needing to stabilize property operations. The loans are fully prepayable with no lockout period.
