Hudson Cos. Plans Warehouse-to-Office Conversion in Brooklyn

A three-building industrial asset on Scholes Street will start fresh as a Class A office and retail complex.

By Ioana Neamt

314 Scholes St., Brooklyn
314 Scholes St., Brooklyn

New YorkHFF has arranged a $26.9 million acquisition and construction loan for 314 Scholes St. in Brooklyn, on behalf of The Hudson Cos.

The five-year, floating-rate loan was placed with M&T Bank, with proceeds being used to acquire the industrial asset and fund its repositioning into Class A creative office and retail space. The three-building, continuous industrial complex totaling 97,475 square feet will be redesigned by S9 Architects. An HFF debt placement team led by Managing Director Christopher Peck and Analyst Rory Shepard represented the borrower in the transaction.

“The boutique size floorplates cater to a diverse mix of tenants and the expansive retail will serve as a true amenity to the Brooklyn community,” said Peck in a statement.

The three buildings, currently used as warehouse space, will be converted into a Class A complex featuring 83,211 square feet of creative office space and 15,543 square feet of retail. Hudson intends to add a full-service rooftop bar and restaurant atop one of the three-story buildings, which will offer 360-degree views. The project is slated for completion in 2018.

Image via Google Street View