In the field of real estate investment, there are different types of financing that allow the acquisition, refinancing or recapitalization of everything from stabilized properties to projects under development. One of the most widely used financial strategies is mezzanine debt, as it offers an attractive and flexible alternative that complements other sources of capital within the financing structure. This document presents a conceptual framework that explores the fundamentals and benefits of mezzanine debt in the real estate sector. It analyzes in detail how this type of financing provides flexibility, greater growth opportunities, and profitability potential for both investors and borrowers.