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Hudson Closes on Port Chester Development Parcel
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.
- ◦Development
- ◦Financing
