The Hudson Report (“THR”) is a bi-weekly summary powered by Hudson Realty Capital.
Rate Indications*
*For current rates, please call your Hudson Realty Capital originator.
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Word Around Town
HOTMA Compliance Date Extension : On September 24, the Office of Multifamily Housing Programs (MFH) published Housing Notice H 2024-09, which extends the date that Owners must be fully compliant with Sections 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 (HOTMA) to July 1, 2025.
In Other News
Fed Cuts Interest Rates 50 Basis Points; MBA Economist Weighs In (read full article here).
In the 223(f) Loan Program, newly constructed properties require HUD concept meetings and must achieve minimum DSCR for one month prior to application submission.
Hudson Highlights
Team Member Spotlight: Rich Ortiz
Richard Ortiz is Co-Managing Partner of Hudson Realty Capital and a member of the Investment Committee. In addition to overseeing the firm’s real estate investment activity and portfolio management, Mr. Ortiz’s primary responsibilities are in real estate valuation and acquisition analysis, ensuring that the firm’s portfolio continues to be high-performing. Under Mr. Ortiz’s leadership, Hudson Realty Capital has made more than $4.5 billion in aggregate investments up and down the capital stack across the multifamily, office, healthcare, industrial, retail, mixed-use and hospitality sectors.
Prior to co-founding Hudson Realty Capital, Mr. Ortiz was a Director at CSFB, where he co-managed the Portfolio Bids Group, which invested in and managed commercial mortgage debt and real estate equity investments. During Mr. Ortiz’s tenure, the Portfolio Bids Group acquired and managed over $3 billion of real estate assets.
Before joining CSFB in 1994, Mr. Ortiz was a Vice President at Kidder, Peabody & Co., where he managed the issuance of several REIT IPO and CMBS offerings. Previously, as a Senior Consultant for Kenneth Leventhal & Co., Mr. Ortiz specialized in real estate valuations, acquisition analysis, debt restructuring and bankruptcy advisories. Mr. Ortiz received his M.B.A. from the Stern School of Business at New York University and received his B.S. from the University of Connecticut.
Our Commitment
Hudson Realty Capital strives to combine a responsive, hands-on approach to investment with a unique ability to quickly adapt to shifts in the market. While we have a new and refreshed look, our top-level client service remains the same.
Check out our website and follow us on LinkedIn for our latest updates.
The Hudson Report and the news, information and observations stated herein are provided for informational and discussion purposes only and are not, and may not be relied on in any manner, as commitment or as legal, tax or investment advice. Hudson believes that the information provided herein is reliable but does not guarantee its accuracy or completeness and material aspects of information herein may change without notice. The interest rate indications set forth in The Hudson Report are estimates based on current market conditions. Final rates will be set at rate lock or at closing. The Hudson Report is not an offer or commitment to lend, and any such offer shall only be set forth in a signed, written commitment letter from Hudson. All transactions are contingent on satisfactory due diligence review and approval including evaluation of 3rd party reports, borrower credit, loan collateral and property, borrower and guarantor financials. Hudson is an Equal Opportunity Lender.
Hudson Realty Capital LLC, 570 Lexington Avenue, 22nd Floor, New York, NY
