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Perry Freitas on Oct. 24, 2012
To find construction financing for its 11-acre Hawthorne Place(306 luxury apartments, plus a theater, a day care, a fitness center, and 1,800 parking spaces) in Laurel, Patriot Realty has bought some time. Hudson Realty Capital's Perry Freitas (snapped yesterday) tells us his firm provided a $6.8M bridge loan (a typical Hudson bridge term is six to 12 months with one or two renewal options), allowing the developer to conitnue raising capital to build. Perry says the borrower bought the property in '06, rode out the unexpected downturn, and then faced a loan maturity. Hudson's bridge financing enabled Patriot to buy out its former loan at a significant discount.
Hawthorne Place rendering
Above, a rendering of Hawthorne Place (people milling about sold separately). The rest of Laurel's CBD is going through a renaissance as leasing at Greenberg Gibbons' Towne Centre at Laurel moves forward confidently. Perry also names the nearby Fort Meade as a reason for his firm's faith in this loan, for which the prepayment penalty would be nominal. He says Hudson's bridge loans typically run in the mid to low teens while commercial mortgages on stable properties are around 4%.