Brooklyn Heights’ tallest condo tower just landed a $210 million condo inventory loan.
Hudson Companies secured the financing for 1 Clinton Street from the lending arm of Michael Kirchmann’s GDSNY development company, according to brokers who negotiated the deal.
The new debt refinances a $280 million construction loan provided by Starwood Property Trust (later sold to Silverstein Capital Partners) and Related Fund Management for the project in 2017, and is collateralized by the remaining unsold units at the property.
Hudson Companies, led by president David Kramer, could not be immediately reached for comment. A Meridian Capital team led by Adam Hakim and James Murad arranged the financing from Kirchmann’s GDS Brightstar and its partners.
Hudson Companies’ One Clinton is a 134-unit, 38-story condo tower rising from the site of the former Brooklyn Heights Library. The project has a projected sellout of roughly $475 million.
Earlier this year, a buyer inked a contract to buy a three-bedroom, two-and-a-half-bathroom apartment in the building with an asking price of $3.8 million.
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