A New York investment firm has given a $12.5 million short-term loan to the owner of an Arbutus industrial building to "stabilize the property for the longer term," according to one of the firm's managing directors.
"Like many owners of Class-B and Class-C assets in the nation's middle markets, this sponsor needed a competitively priced, non-recourse bridge loan," said Geoffrey Smith, of Hudson Realty Capital Inc., in a statement Thursday.
Hudson loaned the money for upkeep of a 689,000 square foot building in Arbutus on a 34-acre industrial site that currently houses a "prominent manufacturing company, mechanical contractor, logistics company and wholesaler of natural stone products," the statement said.
Hudson did not disclose who owns the building or provide an address for the site and did not respond to a request for more information.
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