Hope Street Capital Completes $300M Recapitalization of Brooklyn Apartment Building

NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.