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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.

Josh Zegen 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.

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Betsy Kim

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.

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