$19M to Finish Construction in Hudson, NY
JMS Construction has borrowed $18.5 million in bridge financing from Walker & Dunlop to complete the construction of The Falls, a new luxury apartment community in Hudson, NY.
The developer bought the 22-acre property — formerly the Greenport Elementary School – in 2015. When complete, the four buildings in the community will total 116 new apartments. The bridge loan will retire the original construction loans, and provide additional proceeds to complete construction.
“The lack of comparable product was something of a challenge… By stressing the area’s increasing allure, we were able to attract numerous non-recourse bids for the sponsor, ultimately securing an attractive loan,” said Rob Beyer, director for Mission Capital, who structured the financing with Ari Hirt, Steven Buchwald, Alex Draganiuk, David Behmoaras and Justin Hunt.
Hudson, a two-and-a-half-hour drive from Midtown, has become a popular weekend retreat and potential relocation spot for retiring New Yorkers.
“We were able to communicate the project’s short path to stabilization, which enabled us to generate strong lender interest,” said Hirt, managing director.
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