Manhattan-based Prestige Properties & Development has refinanced Bay Plaza Community Center with a a $210 million loan from MetLife’s real estate investments division according to a CoStar report. The loan comes with a fixed sub-4 percent interest rate, an interest-only portion and a five-year term.
Bay Plaza Community Center at 546 5th Avenue in the Bronx, NY is a section of the 1.3 million-square-foot Bay Plaza shopping complex. Pathmark, Cablevision and a movie theater anchor the 500,000 square foot Bay Plaza Community Center, which offers a mix of retail and office space. Owner Prestige Properties is planning to add a 780,000 square foot mall and residential towers to the site, according to a New York Citybizlist report.
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