Prestige Properties & Development Secures $31M Refinance Loan For Co-op City Retail Properties
$31,000,000
Building Size
—
Asset Type
Retail
Closing
Dec 21, 2023
AI
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.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93