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New York & Tri-State  + Outer  + Finance  | 

Williamsburg MXU Garners $8M Mezz Loan

Bluestone Group has provided $8 million in mezzanine financing on 200 Kent Ave., a mixed-use commercial development in Brooklyn’s Williamsburg neighborhood. 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 deal with Trader Joe’s to anchor its retail space. “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 Bluestone’s Eli Tabak.

The property includes more than 50,000 square feet of retail, along with roughly 22,000 square feet of office and restaurant space.

“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 MRC’s Josh Zegen.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development