Brooklyn Mixed-Use Project Scores $35M Refi

Greystone’s new financing package pays down a prior $28 million loan from Madison Realty Capital.
Lenox Apartments. Image courtesy of Hello Living

Eli Karp has received a $34.5 million bridge loan from Greystone to refinance Lenox Apartments, a mixed-use property in Brooklyn. Loan terms include a 24-month payment period with two six-month extensions. The mortgage pays down $28 million in prior debt from Madison Realty Capital, public records show.

Lenox Apartments is located at 271 Lenox Road, in the borough’s Prospect Lefferts Garden neighborhood. It sits three blocks away from Prospect Park and 30 minutes from Midtown Manhattan. The nearby Q, 2 and 5 trains provide transportation throughout the entire area.

The 2018-built property includes 55 luxury units and 9,000 square feet of ground-floor retail across 16 stories. Amenities include 33 covered parking spaces, in-unit laundry, private terraces, open-concept layouts, private elevators, fitness center, roof deck and bicycle storage.

Westwood Realty Associates Steven Vegh represented the owner in the transaction. Greystone Managing Director Anthony Cristi and Originator Hope Curtis arranged the loan. Earlier this month, the company originated a financing for a suburban Atlanta community.