Armed with a construction loan, The Hudson Cos. will move forward on its redevelopment of the Brooklyn Heights Public Library.
On Thursday, Hudson closed a $280M loan with Related Fund Management, a subsidiary of The Related Cos., and Starwood Property Trust, which will allow the project to be built. Starwood supplied $200M of the debt, with Related contributing the remaining $80M, the Wall Street Journal reports.
Hudson closed its $52M purchase of the public library site from the city, two years after its plan to redevelop the site into a $470M mixed-use tower with a rebuilt library branch at its base passed at a contentious hearing. The purchase price will fund the new building, as well as improvements to other Brooklyn Public Library branches.
The new Brooklyn Heights Public Library at 280 Cadman Plaza West is planned to be over 26K SF, accompanied in the building by a 9K SF science and technology learning center for kids, 134 market-rate condo units and two retail sites, occupied by a Brooklyn Roasting Co. and a rotating pop-up shop managed by Smorgasburg.
As part of the proposal selected by the New York City Economic Development Corp. and the Brooklyn Public Library system, The Hudson Cos. will also build 114 affordable housing units in Clinton Hill.
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