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

Prestige Properties & Development, operating as City Bay Plaza, LLC, secured a $31 million refinance loan from BankUnited for five properties, including those at 352, 356, and 350 Baychester Avenue in Co-op City, Bronx. The loan amount of $31,000,000 will be used to refinance the properties. The properties located at 352, 356, and 350 Baychester Avenue are part of the retail market in Co-op City, Bronx.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $31,000,000
• Lender: Brian Gilmore - BankUnited
• Landlord: Naor Shalem - Prestige Properties & Development
• Date: 12/21/2023
• Market: Co-op City, Bronx

The loan from BankUnited was facilitated by Brian Gilmore, who represents BankUnited as the lender in this transaction. Naor Shalem, the landlord and owner of Prestige Properties & Development, secured the loan on behalf of City Bay Plaza, LLC. This refinance loan allows City Bay Plaza, LLC to continue their operations and investment in the retail properties located at 352, 356, and 350 Baychester Avenue in Co-op City, Bronx.