Bluestone Group has provided $8 million in mezzanine financing on 200 Kent Avenue, a mixed-use development project in Williamsburg.
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 lease signed 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 Eli Tabak, founding partner of Bluestone Group.
The property is located along Williamsburg’s waterfront, offering Manhattan views from its upper floors, more than 50,000 s/f of retail space with over 600 ft. of frontage, roughly 22,000 s/f of office and restaurant space, and over 45,000 s/f 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 MRC.
The property is three blocks from Bedford Avenue and walking distance to major neighborhood landmarks including the Domino Sugar project, McCarren Park and the Bushwick Inlet Park.