The Hudson Companies has closed on the acquisition of a fully entitled development parcel at 27-45 N. Main St. and 28 Adee St. in the village of Port Chester, NY. Plans for the site call for a mix of rental housing, retail space and community facilities.
The projected total capitalization for the development is $89.2 million and acquisition financing of $11.4 million was provided by Provident Bank. The majority of the project’s equity is being invested from Hudson’s partnership with the New York City Employees’ Retirement System and the Teachers’ Retirement System of the City of New York. Last year, Hudson announced its joint venture with the pension systems, which would invest up to $250 million in development projects.
Cushman and Wakefield brokered the sale and arranged debt financing. The site’s sellers – Connecticut-based Ivy Realty – retained a minority investment in the project.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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