Madison Realty Capital (MRC) announced the closing of a $14.5 million refinancing, collateralized by a mixed-use rental property that is 95 percent complete located at 1357 Flatbush Avenue in Brooklyn, to Hello Living, a development firm based in New York City.
Hello Living, a repeat MRC borrower, constructed a seven-story, 37,133 s/f mixed use rental building at the site that includes 36 apartment units and 7,000 s/f of grade-level and cellar-level retail space.
The loan will repay the borrower’s existing debt and provide additional liquidity.
Josh Zegen, co-founder and managing principal of MRC, said, “We’re pleased to provide this financing solution to Hello Living and believe their development should be well-positioned for success, given the rental market supply-demand dynamics within the Flatbush neighborhood.”
“Madison Realty Capital’s innovative and flawless input, along with their reliable execution, are invaluable resources for an experienced developer like us,” noted Eli Karp, CEO at Hello Living. “We are extremely happy with the level of knowledge, skill, and professionalism they consistently bring to the table.”
The apartment units in the development will be located on floors two through seven across a total of 23,504 s/f. The unit mix will include 12 studios, seven-one-bedrooms, 16 two-bedrooms, and one three-bedroom.
Apartments will include open layouts with floor-to-ceiling windows, triple-paned doors and windows. There will also be a fitness center, private yard, and resident courtyard.
