Greystone Provides $34.5 Million Bridge Loan for Brooklyn Mixed-Use Property
November 11, 2019
Category: Commercial, Bridge, Multifamily
Greystone announced it has provided a $34,500,000 bridge loan to refinance Lenox Apartments, a 55-unit mixed-use property in Brooklyn, New York. The transaction was originated by Anthony Cristi, Managing Director & Hope Nieves, Originator in Greystone’s New York office, with Steven Vegh of Westwood Realty Associates acting as correspondent on behalf of the owner, Eli Karp.
The $34.5 million in Greystone financing exits previous debt from Madison Realty Capital, enabling time for stabilization of the 9,000 square feet of commercial space on the ground retail floor of the property, which is located at 271 Lenox Road. The bridge loan comprises a 24-month term with two six-month extensions.
Lenox Apartments, situated in Prospect Lefferts Garden directly east of Prospect Park, was completed in 2018. The building’s 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. The 16-story property is located near the Q train at Parkside Avenue, the 2 & 5 trains at Winthrop St., and just 30 minutes from Midtown Manhattan.
“We are thrilled to have provided this critical bridge financing to the sponsor of such a high-quality asset in a desirable neighborhood of Brooklyn,” said Mr. Cristi. “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.”