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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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
