April 15, 2019
Madison Realty Capital (MRC) and Bluestone Group have provided a $32-million mortgage and mezzanine financing to recapitalize 271 Lenox Rd., a mixed-use rental property located in Brooklyn’s Prospect Lefferts neighborhood and built by Hello Living. It’s the second refi in two months that MRC has arranged for the locally-based residential developer.
MRC provided a $28-million first mortgage and arranged a $4-million mezzanine loan provided by Bluestone Group, closing the deal in under two weeks. The fast turnaround enabled Hello Living to quickly execute a time-of-essence partner buyout.
“We are extremely proud to have executed yet another successful financing for Hello Living,” said Josh Zegen, managing principal of MRC. “This sponsor has already achieved great success at 271 Lenox, which was completed just last year and is nearly fully occupied.”
The 15-story, 76,000-square-foot 271 Lenox includes 55 rental units as well as 9,000 square feet of ground-floor commercial space.
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