Greystone, a leading national commercial real estate finance company, announced it has arranged $525 million in construction financing for the development of Court LIC, a 55-story condominium tower to-be-built on a site located at 24-19 Jackson Avenue in the center of Long Island City’s Court Square neighborhood. The financing was arranged on behalf of co-developers Charney Companies and Tavros, in partnership with Incoco Capital, by the Greystone Capital Advisors team including Drew Fletcher, President; Paul Fried, Executive Managing Director; and Bryan Grover, Managing Director.

The financing package includes $425 million in senior debt provided by Madison Realty Capital, along with $100 million of preferred equity financing from Kushner and its capital partner, OneIM.

“This was an exceptionally complex transaction involving multiple layers of capital, a sophisticated assemblage, and a visionary plan for a truly iconic mixed-use residential development in Long Island City,” said Drew Fletcher, President, Greystone Capital Advisors. “Our team was honored to advise Charney and Tavros in structuring a capital stack that enables them to bring this transformative project to life. The commitment from premier institutional lenders speaks to the strength of the sponsorship and the market's belief in this location and product.”

The forthcoming tower, designed by FXCollaborative, will deliver 600 new condominium residences to the rapidly evolving LIC skyline and include an expansive amenities suite. Whole Foods and Chelsea Piers Fitness are slated to occupy the building’s podium. Construction is expected to begin in June 2025 with anticipated completion in spring 2028.

Greystone, a national commercial real estate lending, investment, and advisory company, 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 Curtis, 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.”

Madison Realty Capital (MRC), an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, has announced the appointment of Shea Taylor as the company's first Director of Human Resources.

In her new position, Ms. Taylor will work closely with MRC's leadership team to oversee all of the firm's human resources functions, including employee recruitment and retention as well as overall organizational culture development.

Brian Shatz, Co-Founder and Managing Member of MRC, made the announcement.

"Bringing Shea on as our first Director of Human Resources speaks to the rapid growth of both our firm and assets under management as well as the importance we put on establishing the Madison Realty Capital culture," added Mr. Shatz. "Throughout her career, she has demonstrated an ability to align talent with a company's strategic priorities, as well as help with overall team-building. Shea's extensive HR experience in both employee and organization development, particularly with top commercial real estate firms, will make her a valuable team member given our long-term operational goals."