Josh Zegen, co-founder and managing principal of Madison Realty Capital
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.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
