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| Industrial Complex, 314 Scholes Street, Williamsburg Neighborhood, Brooklyn, NY |
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| 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.
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| 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 www.hudsoninc.com.
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 | www.hfflp.com
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