Hudson Hall at 6020 Hudson Ave. in West New York — Courtesy: Black Bear Capital Partners
By Joshua Burd
An owner and developer has landed nearly $17 million in financing in connection with two sites in Hudson County, according to an advisory team with Black Bear Capital Partners.
The loans to Echevarria Properties include $11.5 million to refinance Hudson Hall, a redeveloped 35-unit residential building at 6020 Hudson Ave. in West New York, BBCP said. Fannie Mae, through PGIM Real Estate’s agency lending program, provided the 15-year loan, which has a fixed rate of 3.445 percent and six years of interest-only payments.
The BBCP team included Emil DePasquale, Brandon Harris and Phil Bowman. The firm, a subsidiary of Black Bear Asset Management, also arranged a $5.24 million loan to acquire the remaining lots in an assemblage in nearby Guttenberg and take out the existing debt on the current lots owned.
The project, located at 7000 Adams St., has full site plan approval for the ground-up construction of a nine-story, 156-unit luxury apartment building that includes two commercial units spanning 3,040 square feet, according to a news release. Plans also call for a museum, a green roof, bike storage, a community lounge, a fitness room and a 166-car parking garage.
Mariner’s Bank originated the 12-month land loan at 6.25 percent interest.
“BBCP worked diligently with all parties involved to achieve highly favorable and flexible financing structures consistent with the borrower’s business plans,” DePasquale said. “Our team of dedicated advisors was able to add substantial value to our client by using our experience as an originator of Fannie Mae loans and deep understanding of the agency lending process and various programs. We are pleased to have provided best-in-class execution on behalf of the borrower and look forward to continued future transactions with all parties.”