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Debt & Equity

MRC, Bluestone fund partner buyout

Madison Realty Capital (MRC) and Bluestone Group have provided a $32 million mortgage and mezzanine financing to recapitalize 271 Lenox Road, a mixed-use rental property built by New York City-based real estate development firm Hello Living.

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 and allowing for Hello Living to quickly execute a time-of-essence (TOE) partner buyout.

“Our flexibility, expertise and diligence allowed us to seamlessly arrange this complex transaction between multiple parties and tailor the financing package to the specific needs of this repeat borrower, all within an extremely tight timeframe,” said Josh Zegen, Co-Founder and Managing Principal of MRC.

JOSH ZEGEN

The financing follows MRC’s $14.5 million refinancing of Hello Living’s seven-story mixed-use residential property at 1357 Flatbush Avenue in Brooklyn, which closed last month.

“We are extremely proud to have executed yet another successful financing for Hello Living,” Zegen added. “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 s/f luxury building at 271 Lenox Road includes 55 rental units, 9,000 s/f of ground floor commercial space and a parking garage.

It is located at the southeastern edge of Prospect Park in Brooklyn’s Prospect Lefferts Gardens neighborhood.

The rental units at 271 Lenox, located on floors two through 15, include 52 two-bedroom and three three-bedroom apartments.
They feature open layouts, north and south views, private elevator entrances, large windows, stainless steel appliances, in-unit laundry and polished concrete floors. A majority of units also feature private outdoor space.

Building amenities include a fitness center, roof deck, a parking garage and bicycle storage.

The property sits a few blocks from the Q express train at Parkside Avenue, at the edge of Brooklyn’s Prospect Park, and two blocks from the 2 and 5 Express trains at Winthrop Street.

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