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HRC marks another record year, closing $385m in deals.

New York-based, Hudson Realty Capital LLC (HRC), a real estate opportunity fund manager, closed $385 million of debt and equity transactions in 2005, exceeding last year's total of $240 million by 62 percent.

HRC's objective is to create and manage a diversified portfolio of loans and real estate, with a long-range goal of generating high, risk-adjusted returns for its investors. The company, which was founded in late 2002, has quickly become a dominant player in the $2 to $25 million investment arena.

Funding highlights for 2005 include: More than $25 million in debt and equity transactions for industrial properties in the metropolitan New York area;

A $5.5 million mezzanine loan for the acquisition of five parcels in Downtown Brooklyn, N.Y.;

A $9 million first mortgage and bridge loan secured by 18 acres of land containing 12 industrial buildings in Chelsea, Mass.;

A $25 million first mortgage loan for the acquisition of The Savoy, an ocean-front hotel in Miami, Fla.'s exclusive South Beach area.;

A total of $33.5 million in debt and equity financing involving residential and multi-family properties in Florida;

A total of $13.7 million in combined mezzanine and bridge financing secured by more than 900 acres of land within an approved, master-planned development on Mustang Island in Texas;

An $8.1 million first mortgage loan to acquire a 444-acre parcel of unimproved land in Van Buren Township, Mich.

More than $40 million in debt and equity transactions for residential and commercial properties in Arizona.

"In just three years, HRC has grown from a small start-up, which transacted $100 million in business in its first year, to a real estate opportunity fund manager closing $385 million this year," said Spencer Garfield, managing director of HRC, who is responsible for new loan originations and business development nationwide. HRC's management team possesses decades of both financial and real estate expertise.

"Our clients come to us with complex transactions, and we provide them with creative solutions," Garfield continued. "Going forward, we will continue choosing our transactions selectively, both on the debt and equity side, while seeking appropriate risk adjusted returns."

HRC's activities include originating, participating in, servicing, restructuring and/or acquiring high-yield, special situation debt and mezzanine loans, as well as investing on a leveraged basis directly in real estate and acquiring under-performing real estate assets and other real estate-related instruments.
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Publication:Real Estate Weekly
Date:Jan 11, 2006
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