Hudson Realty Capital is rolling out a healthcare bridge lending platform to target skilled nursing, independent living, assisted living and memory care assets.
The New York-based manager is preparing to lend an estimated $300 million to $400 million across the next 18 to 24 months as part of the launch, executing on outlook plans the firm had outlined in recent months.
Richard Ortiz, co-founder and managing partner at Hudson, said the firm sees a tremendous opportunity in the market subset for the next several years.
“This has been a very significant year for Hudson earmarked by several large-scale milestones, such as the lending platform we formed in partnership with national real estate owner, manager and developer RXR,” he said. “With disruptions in the market over the past couple of years creating new opportunities for boutique lenders, we’re thrilled to fill the gap for healthcare bridge financing for owners and operators nationwide.”
Hudson plans to make loans between $15 million and $50 million as part of the new program, with terms up to 36 months and a maximum loan-to-value ratio of 80 percent. The nationwide loans will be offered through Hudson’s conventional business and the FHA and HUD sides of the manager.
The firm has been bulking its HUD capabilities since acquiring a license in the last two years. Hudson added two new FHA/HUD originators in recent quarters, including managing director Justin Elshire in April 2021 and vice-president Alex Loo in March 2022.
The new program represents an expansion of Hudson’s existing healthcare lending footprint. In October 2021, the firm originated two bridge loans totaling nearly $38 million to refinance existing debt on senior living and memory care assets in Lake Worth, Florida and Tulsa, Oklahoma.