Prestige Properties & Development Secures $31M Refinance Loan For Co-op City Retail Properties

The assets involved in this transaction include multiple retail properties located at 352 Baychester Avenue, 356 Baychester Avenue, and 350 Baychester Avenue in Co-op City, Bronx. Prestige Properties & Development secured a refinance loan of $31 million for these properties. The addresses pertain to a market area recognized for its mixed-use developments.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $31,000,000
• Lender: Brian Gilmore - BankUnited
• Landlord: Naor Shalem - Prestige Properties & Development
• Loan Type: Refinance

This transaction highlights the involvement of Naor Shalem, representing Prestige Properties & Development, which operates as City Bay Plaza, LLC. The loan was facilitated by Brian Gilmore from BankUnited, underscoring the collaboration between lending and property management entities in the refinancing process.