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Loan · Retail

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

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

Bank United
Bank UnitedLender

Market Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

Loading comparables…

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