Bluestone Group has provided $8 million in mezzanine financing on 200 Kent Avenue, a mixed-use development project in Williamsburg, Brooklyn.
The new loan supplements a $64 million construction loan that Madison Realty Capital provided on the property in November 2017, and will finance additional capital needs. The six-story property recently topped out with pre-leasing activity, including a retail anchor lease signed with Trader Joe’s.
“Our ability to join Madison Realty Capital at this advanced stage of the project, with significant pre-leasing in place, is what attracted us to this deal.” said Eli Tabak, founding partner of Bluestone Group.
The property is located along prime Williamsburg’s waterfront, offering Manhattan views from its upper floors, more than 50,000 square feet of retail space with over 600 feet of frontage, roughly 22,000 square feet of office and restaurant space, and over 45,000 square feet of parking.
“We’re pleased that our original construction financing was put to good work, allowing the sponsor to construct a quality, well-located development that will continue to attract high-caliber tenants,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital.