Greystone Secures $34.5M Loan for Brooklyn Mixed-Use Property
The bridge loan served as an exit from a Madison Realty Capital loan to allow time for the stabilization of 9,000 square feet of ground-floor retail.
NEW YORK CITY – Greystone Co., a national commercial real estate services firm, has completed a $34.5 million bridge loan on Lenox Apartments, a 55-unit mixed-use property located in Brooklyn at 271 Lenox Rd.
The bridge loan served as an exit from a Madison Realty Capital loan to allow time for the stabilization of 9,000 square feet of ground-floor retail and comprises a 24-month term with two six-month extensions.
“With so many facets involved in reaching closing with the cooperation and efforts of so many, we look forward to the next steps of achieving permanent financing with Greystone,” said Anthony Cristi, managing director at Greystone in New York, in a prepared statement.
In the Prospect Lefferts Garden submarket, directly east of Prospect Park, the 16-story property was completed in 2018. Building amenities include 33 covered parking spaces, in-unit laundry, private terraces, open-concept layouts, private elevators opening into each unit, fitness center, roof deck and bicycle storage.
Nearby transportation includes the Q train at Parkside Avenue and the 2 & 5 trains at Winthrop Street.