The Real Deal New York

Rentar Development scores $132M to refi Queens mall

CMBS financing from Natixis replaces a loan from Deutsche Bank

September 13, 2016 02:46PM
By Miriam Hall

66-26 Metropolitan Avenue in Queens

66-26 Metropolitan Avenue in Queens

Long Island-based Rentar Development received a $132 million loan from Natixis Real Estate Capital to refinance its 1.6-million-square-foot shopping mall in Middle Village, Queens, records filed with the city Monday show.

The financing for Rentar Plaza, located at 66-26 Metropolitan Avenue in Middle Village, includes a new $50 million gap mortgage and will replace a loan from Deutsche Bank, Department of Finance records show. The loan, a 10-year commercial mortgage backed security at a fixed rate, was arranged by brokers Mark Niman and Richard Horowitz of Cooper-Horowitz.

The mall has nearly 1.6 million square feet of office, retail and warehouse space and is fully leased. The largest tenant at the shopping center is the City of New York, which leases over 674,000 square feet, Natixis said in a press release. Other tenants include Raymour & Flanigan and Toys “R” Us.

Rentar, headed by Dennis Ratner and Felice Bassin, has developed over 4 million square feet of property, mostly retail and industrial in the New York City area.