Hello Living Lands $32M Refi for Brooklyn Project

Madison Realty Capital and Bluestone Group provided the financing for the developer's 15-story, 55-unit luxury rental project in Prospect Lefferts Gardens.
Hello Lenox. Image courtesy of Madison Realty Capital

New York City developer Hello Living has received $32 million in financing from Madison Realty Capital and Bluestone Group to recapitalize its 55-unit luxury rental property at 271 Lenox Road in Brooklyn.

The funding allowed Hello Living to accomplish a partner buyout within an extremely tight timeframe. MRC provided a $28 million first mortgage and arranged for Bluestone Group to add a $4 million mezzanine loan, closing the transaction in under two weeks.

The 15-story, 76,000-square-foot property, called Hello Lenox, was completed last year and is nearly fully occupied. Sited between Rogers Avenue and Nostrand Avenue, to the southeast of Prospect Park in the Prospect Lefferts Garden neighborhood, the project also includes 9,000 square feet of ground-floor commercial space.

The apartments, located on floors two through 15, comprise 52 two-bedroom layouts and a trio of three-bedroom units, featuring in-unit laundry facilities and private elevator entrances. Community amenities include a roof deck, fitness center, and parking garage.

Founded in 2005 by Eli Karp, Hello Living has developed 13 projects in Brooklyn and is planning its first Manhattan project, a 272-unit community in the Inwood neighborhood, as well as a mixed-use property featuring 104 condos in the Bronx.

The developer also worked with Madison Realty Capital to score $14.5 million in refinancing for its seven-story, mixed-use residential property at Brooklyn’s 1357 Flatbush Avenue last month.