The Hudson Companies announced that it secured $63 million in construction financing for its latest project in Prospect Lefferts Gardens, a 250-unit market-rate rental building located at 350 Clarkson Street.
The loan was provided by Wells Fargo.
The eight-story, 225,000 s/f building was designed by CetraRuddy and will feature a rooftop terrace, attended lobby, children’s room, gym, yoga room, resident lounge, game room, private screening room, and garden. Leasing is anticipated to begin in late 2018.
“We believe in the value and uniqueness of Prospect Lefferts Gardens and look forward to breaking ground on our third building in the neighborhood,” said Chris Tepper, senior project manager at Hudson Companies.
“The addition of neighborhood-focused retailers is especially exciting, not only to help enliven the block but as an amenity for our residential tenants.”
The project is immediately adjacent to another Hudson Companies project, a 170-unit, market-rate rental at 310 Clarkson Street, which is currently under construction.
Together, the two projects will enliven the block with approximately 14,000 s/f of new ground floor retail (6,000 s/f of ground floor retail at 350 Clarkson and 8,000 s/f of ground floor retail at 310 Clarkson).
McAlpine Contracting Co. is the general contractor for both projects.
It is also a few blocks east of The Parkline, a 23-story, 254-unit rental at 626 Flatbush Ave., also from Hudson Companies.
The 80/20 building, which includes 51 affordable homes, opened for leasing last summer.
Hudson closes on $63M loan for 350 Clarkson rental tower in Brooklyn : Real Estate Weekly