975 Nostrand Ave

Hudson Companies secured $135 million in construction financing from Santander and a Related Companies affiliate for its Crown Heights project at 975 Nostrand Avenue. The nine-story development with 328 apartments and amenities like a yoga room and supermarket commenced construction in August 2022 and is slated for completion by fall 2025. To qualify for the 421a tax program, the project must finish by June 2026, offering 30% of units as affordable housing. The site, acquired for $41.5 million in 2021, faced controversy over redevelopment plans affecting Associated Supermarkets. Last year, Hudson refinanced debt for its Flatbush property at 350 Clarkson Avenue.