Hello Living Receives $32M in Loans for Brooklyn Mixed-Use Building
The recapped luxury residential and commercial building is one of several projects the real estate firm is developing in emerging neighborhoods.
NEW YORK CITY—Hello Living has recapitalized its 15-story, 76,000-square-foot, mixed-use residential and commercial rental building located at 271 Lenox Rd. in Brooklyn. The property includes 55 rental units, 9,000 square feet of ground floor commercial space and a parking garage. It’s located near Prospect Park in Brooklyn’s Prospect Lefferts Gardens neighborhood.
Madison Realty Capital provided a $28 million first mortgage and arranged a $4 million mezzanine loan provided by Bluestone Group. The deal closed in under two weeks, which allowed Hello Living to quickly execute a time-of-essence partner buyout.
Josh Zegen, co-founder and managing principal of Madison Realty, notes his team arranged for a complex transaction involving multiple parties that suited specific needs of Hello Living, on a tight timeframe. He notes Hello Living’s project, which was completed last year is nearly fully leased. The development has 52 two-bedroom and three three-bedroom apartments. The majority of the units come with private outdoor space. Plus there’s a rooftop deck and a fitness center.
In a separate deal, last month Hello Living closed on $14.5 million loan also provided by Madison Realty. The refinancing was for a seven-story, mixed used residential property at 1357 Flatbush Ave. in Brooklyn.
Last November, Hello Living also acquired a building at 1049 Washington Ave. in the South Bronx for $11 million. It plans to redevelop the property into a $50 million, 104-unit “Hello W” condominium building. Founded in 2005, the real estate firm has developed more than a dozen properties in Brooklyn and has others in the pipeline across New York City.