15<\/p>\n
NEW YORK CITY \u2014 JLL Capital Markets has arranged a $150 million loan for the refinancing of the Bay Terrace Shopping Center, a grocery-anchored retail property in the Bayside neighborhood of Queens. JLL secured the loan through New York Life Real Estate Investors on behalf of the locally based borrower, Cord Meyer Development.<\/p>\n
Located at the intersection of 26th Avenue and Bell Boulevard, Bay Terrace totals 326,445 square feet and was approximately 90 percent leased at the time of financing. Anchored by Stop & Shop, the property is also home to HomeGoods, AMC Theatres, Bank of America, Chase Bank, Sephora and LA Fitness.<\/p>\n
The center was originally developed in the 1960s. Cord Meyer has recently invested significant capital to enhance the asset, including fa\u00e7ade upgrades, new signage, improved pedestrian circulation and a \u201cRestaurant Row.\u201d Additional improvements are planned to further modernize the property.<\/p>\n
According to JLL, the Northeast Queens submarket contains 23.8 million square feet of retail inventory with a vacancy rate of 2.5 percent. Current retail construction is significantly below historical averages, with 15,000 square feet underway, one-tenth of the 150,000-square-foot annual average.<\/p>\n
Founded in 1904, Cord Meyer is a developer, owner and operator of retail, commercial and residential properties throughout Queens and the New York City metro area.<\/p>\n
\u2014 Kristin Harlow<\/p>\n","protected":false},"excerpt":{"rendered":"15 NEW YORK CITY \u2014 JLL Capital Markets has arranged a $150 million loan for the refinancing of…\n","protected":false},"author":2,"featured_media":222078,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[9,24,63,122,124,123],"class_list":["post-223663","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/223663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=223663"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/223663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/222078"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=223663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=223663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=223663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}