Benefit Street lends $47.6M for Brooklyn mixed-income refi

Benefit Street Partners lent $47.6 million to the Hudson Companies to refinance the Clark, a 170-unit mixed-income apartment building in Brooklyn's Prospect Lefferts Gardens.

The eight-story property at 310 Clarkson Avenue opened in 2018 with market-rate, rent-stabilized and affordable units and 7,700 square feet of ground-floor retail. Hudson built the Clark with the now-expired 421-a affordable housing abatement. Terms beyond the loan amount were not disclosed. Newmark's Daniel Fromm, Samuel Speciale and Lance Tillman arranged the debt, Commercial Observer first reported. Chris Zedano, a managing director at Hudson, said in a statement, "We built the Clark with the goal of delivering high-quality, mixed-income housing to Prospect Lefferts Gardens, and that commitment hasn't changed."

For allocators in Benefit Street funds, the Brooklyn loan is the second apartment refinancing the lender funded this week. It follows a $117.3 million multifamily refinancing of 960 Class A units in the Austin and Dallas-Fort Worth metros, as Private Wealth Daily previously reported, where Walker & Dunlop arranged floating-rate, interest-only debt.

Benefit Street also closed its fifth CRE CLO of 2026 at $1.1 billion, Private Wealth Daily reported on Nov. 2, a vehicle carrying a 30-month reinvestment period. The Clark's construction abatement has expired, and its affordable and rent-stabilized units remain.