New York & Tri-State + Outer + Finance | February 15, 2019

Refi on Flatbush Rentals a Done Deal in Seven Days

Madison Realty Capital (MRC) has closed on a $14.5-million refinancing, collateralized by a mixed-use rental property at 1357 Flatbush Ave. that’s 95% complete. The sponsor was Hello Living, a repeat MRC borrower.

The transaction, completed within seven days, will repay Hello Living’s existing debt and provide additional liquidity. “Our Brooklyn market expertise and familiarity with the borrower allowed us to evaluate and underwrite this deal within an extremely prompt timeframe,” said MRC managing principal Josh Zegen.

The 36-unit development “should be well-positioned for success, given the rental market supply-demand dynamics within the Flatbush neighborhood,” Zegen added.

To be known as Hello Flatbush, 1357 Flatbush includes 7,000 square feet of grade-level and cellar-level retail space. The apartment unit mix will include 12 studios, seven one-bedrooms, 16 two-bedrooms, and one three-bedroom. It’s one of five projects Hello Living has in development across Brooklyn.

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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 13-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 15-20 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).