A modern development near Journal Square has snagged a sizable loan agreement as Le Léo has refinanced just months after their launch.
Development partners Park Stone Management and Fields Grade Development Company recently received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building at 244 St. Paul’s Avenue. The six-story development came to market late last year and is currently 88% leased according to the companies.
Mark DeLillo and Marc Schulder of Blue Gate Partners represented the owners in arranging the financing, which was provided by Lakeland Bank and authorized by Ryan Greer.
“Journal Square continues to gain momentum as a renewed living, business, cultural and shopping hub, all supported by a comprehensive transportation network,” said Jonathan Feifer, Founder and Principal of Park Stone Management. “We’re delighted that Le Léo has been well received in this competitive market and look forward to completing the lease-up in short order and stabilizing the asset.”
Designed by MHS Architecture, Le Léo includes street-level retail space occupied by the latest outpost of Choc-O-Pain. The French bakery is integrated into the lobby lounge of the building, which also includes conveniences like an outdoor dog run, bike storage, and enclosed garage parking.
Other amenities and social spaces at Le Léo include a state-of-the-art fitness center and yoga studio, resident lounge, and co-working space with a conference room. An outdoor rooftop terrace features private dining areas and BBQs, sun loungers, a misting station, and firepits with seating.