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New York & Tri-State  + Outer  + Finance  | 

Brooklyn’s Lenox Apartments Land $35M Refi

Greystone provided a $34,500,000 bridge loan to refinance Lenox Apartments, a 55-unit mixed-use property in Brooklyn’s Prospect Lefferts Garden neighborhood. The financing exits previous debt from Madison Realty Capital, providing time to stabilize the 9,000 square feet of commercial space on the ground retail floor of the property, located at 271 Lenox Rd.

The transaction was originated by managing director Anthony Cristi and originator Hope Curtis in Greystone’s New York office. Steven Vegh of Westwood Realty Associates acted as correspondent on behalf of the owner, Eli Karp. The bridge loan comprises a 24-month term with two six-month extensions.

Situated directly east of Prospect Park, Lenox Apartments was completed in 2018. 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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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