Prestige Properties & Development has refinanced Bay Plaza Community Center, a 517,000 s/f retail center in the Northeastern Bronx that includes an office component.
Bay Plaza Community Center is a section of the 1.3 million-square-foot Bay Plaza shopping complex, the largest retail center in New York City.
The $210 million five year fixed-rate loan bears an interest rate of sub 4 percent with an interest-only portion. The loan was financed by MetLife’s Real Estate Investments Division.
The refinance continues a swift pace of activity for Prestige Properties, which recently broke ground on the Mall at Bay Plaza, its new, $300 million, 780,000 s/f ground-up enclosed fashion mall located on a high visability corner at the Bay Plaza Shopping complex.
The new mall — anchored by Macy’s and JC Penney — will be the first retail development of its kind in New York City in almost 40 years, bringing the entire Bay Plaza complex to more than two million square feet total.