Eli Karp’s Hello Living borrows $35M from Greystone & Co. for new multifamily property in Flatbush

Eli Karp’s Hello Living through the entity 271 Lenox LLC as borrower signed a loan agreement with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $34.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 55 residential units at 271 Lenox Road in Flatbush. The deal closed on November 1, 2019 and was recorded on November 6, 2019.
The property contains a total of 75,871 square feet of built space.
The average loan per unit is $627,273.
This Greystone loan provided $6.5 million in a gap mortgage and refinanced a $32 million loan package that Madison Realty Capital and Bluestone Group provided in March 2019. The last time a portion of the property sold was March 19, 2019, when Karp bought an additional interest for $10,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 55 residential units on May 1, 2018.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link