Sunday, September 11, 2016

HFF secures $26.9 million financing for Brooklyn, NY office acquisition and conversion

Industrial Complex, 314 Scholes Street, Williamsburg Neighborhood, Brooklyn, NY

Christopher Peck
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building continuous industrial complex totaling 97,475 square feet that is being converted into creative office space in Brooklyn’s Williamsburg neighborhood.

HFF worked on behalf of the borrower, The Hudson Companies (Hudson), to arrange the five-year, floating-rate loan through M&T Bank. 

Loan proceeds were used to acquire the property and will fund the repositioning of the asset into a Class A creative office and retail property designed by S9 Architects in order to capitalize on the growing demand for office in Williamsburg’s live-work-play environment. 

The two one-story buildings and one three-story building are interconnected and currently used as warehouse space.  After the conversion, the Class A complex will consist of 83,211 square feet of creative office and 14,543 square feet of retail space.  

The borrower is adding a full-service rooftop bar and restaurant to the top of the three-story second building, which will have protected 360-degree views from the rooftop and the top two floors.

In total, the complex will have 10,697 square feet of ground-floor and rooftop courtyards.  

The project is expected to be completed in 2018.  314 Scholes Street is located in the East Williamsburg neighborhood of Brooklyn and blocks from the Montrose Avenue, Morgan Avenue and Grand Street L subway stations, providing easy access into Manhattan. 

The HFF debt placement team representing the borrower was led by managing director Christopher Peck and analyst Rory Shepard.
Rory Shepard

“It was a privilege to work alongside Hudson to procure financing that will allow the them to, along with ABS Partners Real Estate, re-imagine 314 Scholes into a unique creative office property,” Peck said. 

“The boutique size floorplates cater to a diverse mix of tenants and the expansive retail will serve as a true amenity to the Brooklyn community.”

 The Hudson Companies (Hudson) is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area.

 Hudson’s principals have a hands-on approach to managing the details of the development process from property acquisition, project finance and design, through construction and marketing.  

The firm is experienced in both new construction and rehabilitation, and is active across the luxury, affordable and institutional housing markets.  Learn more at

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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