Benefit Street Partners loans $48M to refinance Brooklyn mixed-income building
The Hudson Companies just secured $48 million to refinance a Brooklyn apartment building.
The short version
- Benefit Street Partners provided the debt for the eight-story property.
- The building includes market-rate, rent-stabilized and affordable housing units.
The Hudson Companies just secured $48 million to refinance the Clark, a 170-unit, mixed-income multifamily property in Brooklyn, according to Commercial Observer. Benefit Street Partners, a major investment firm that provides debt financing for commercial real estate, provided the loan. Newmark, the global commercial real estate services firm, arranged the financing through brokers Daniel Fromm, Samuel Speciale and Lance Tillman.
The Hudson Companies originally built the eight-story property at 310 Clarkson Avenue in Brooklyn using the now-expired 421-a affordable housing abatement. Chris Zedano, managing director at the Hudson Companies, noted in a statement that the new debt is expected to place his asset on strong, stable footing and create an enduring housing option in Brooklyn’s Prospect Lefferts Gardens neighborhood.
"We built the Clark with the goal of delivering high-quality, mixed-income housing to Prospect Lefferts Gardens, and that commitment hasn’t changed," said Zedano. The building opened in 2018 with tax benefits and includes market-rate, rent-stabilized and affordable housing units alongside 7,700 square feet of ground-floor retail space.
For real estate operators managing properties across the boroughs, navigating expiring tax abatements requires creative refinancing partners as older financing structures phase out.
Photo: Sasha Zilov, via Pexels
