Newmark Arranges $47.6M Refinancing for Hudson Companies' The Clark in Brooklyn

Newmark has arranged a $47.6 million loan on behalf of sponsor The Hudson Companies to refinance The Clark, a 170-unit Class A multifamily property at 310 Clarkson Avenue in Brooklyn's Prospect Lefferts Gardens neighborhood, the firm announced Nov. 9. Benefit Street Partners provided the financing.

Newmark Debt and Structured Finance Team Handles Execution

Newmark Global Debt & Structured Finance Senior Managing Director Daniel Fromm arranged the financing. Senior Associate Samuel Speciale and Analyst Lance Tillman of Newmark's Global Debt & Structured Finance group provided transactional support.

"We built The Clark with the goal of delivering high quality, mixed income housing to Prospect Lefferts Gardens and that commitment hasn't changed," said Chris Zedano, Managing Director at The Hudson Companies. "This refinancing puts the property on strong, stable footing and positions us to continue serving the families and longtime residents who call this neighborhood home. We appreciate Newmark's execution and Benefit Street's confidence in the asset."

The Clark Property Profile

Completed in 2018, The Clark is an eight-story, Class A multifamily building with 170 residential units and approximately 7,700 square feet of ground-floor retail space. The residential component includes studio, one-, two- and three-bedroom apartments, spanning market-rate, rent-stabilized and affordable housing units. The loan works out to roughly $280,000 per residential unit, a rough scale indicator that does not reflect asset value, as it excludes retail value, existing debt repayment, reserves and other factors.

The property benefits from a 35-year 421-a tax abatement that extends through June 2054. A public listing for one of the affordable units identifies eligibility at 130% of area median income.

Residences feature open floor plans, hardwood flooring, contemporary kitchens with stainless steel appliances, and in-unit washers and dryers. Building amenities include an attended lobby, a landscaped rooftop terrace with grilling stations, a fitness center, a resident lounge, coworking space and on-site parking. The retail space is fully leased to Walgreens and Friends of Crown Heights.

Prospect Lefferts Gardens Location

The Clark sits between Nostrand and New York Avenues. The property is near Prospect Park, the Brooklyn Botanic Garden and several healthcare and educational institutions, including SUNY Downstate Medical Center and Kings County Hospital. It is within walking distance of the 2, 5, B and Q subway lines, which connect to Downtown Brooklyn and Manhattan.

Market Context

The long-dated 421-a abatement, mixed-income unit mix, retail income and proximity to hospitals and transit are among the characteristics that can support lender interest in a refinancing of this type. The property's amenity package, which includes in-unit laundry, a rooftop terrace and coworking space, positions it against newer, amenity-rich rental developments in Brooklyn rather than older walk-up stock.

The announcement follows revenue growth at Newmark. The firm generated $973.2 million of total revenue in the third quarter of 2026, up 12.7% from $863.5 million in the third quarter of 2025. Revenue for the first nine months of 2026 reached $2.708 billion, an increase of 18.4% from the comparable prior-year period. Refinancing activity can remain active when transaction markets are constrained, as owners replace existing debt or reposition balance sheets.

Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026. As of June 30, 2026, Newmark and its business partners operated from over 195 offices with more than 10,000 professionals across four continents.

Sources

Newmark press release: https://www.nmrk.com/insights/press-releases/newmark-arranges-refinancing-for-the-clark-a-170-unit-class-a-multifamily-property-in-brooklyn