Related Companies is keeping busy, nabbing a refinancing deal at its Bronx Terminal Market.
Related scored a $380 million refinancing of the Bronx Terminal Market at 610 Exterior Street, the Commercial Observer reported. The loan proceeds will retire the existing $380 million CMBS loan, which went from being current to nonperforming when it matured in May, according to Trepp.
Deutsche Bank, Wells Fargo, Bank of America and Starwood Mortgage Capital provided the $240 million A-note on the five-year CMBS loan. The CPP Investment Board came through with the $140 million B-note. Newmark negotiated the financing.
The 17-acre property — a few Juan Soto throws away from Yankee Stadium — is covered by a 913,000-square-foot shopping mall with easy access to the Major Deegan Expressway. The mall is 90 percent leased by 21 tenants with a weighted-average lease term of seven and a half years, according to a Fitch Ratings presale report; half of the leased space comes courtesy of investment-grade tenants.
Target is the anchor tenant at the property, occupying 188,000 square feet on a long-term lease. Other significant tenants include BJ’s Wholesale Club, Home Depot, Food Bazaar and Burlington. German supermarket chain Lidl is expected to join in the coming months.
Several of the market’s anchor tenants were allowed to stay open during the height of the pandemic after being declared “essential.”
Related built the Bronx Terminal Market, formerly known as the Gateway Center, in 2009 for a reported $360 million, as well as $2.6 million in Brownfields tax credits. The site, which also has more than 2,600 parking spots, used to be the home of a wholesale fruit and vegetable market.
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Jeff Blau’s Related has been keeping busy in the Big Apple. The firm is plowing ahead with its plans at 625 Madison Avenue in Manhattan, which it bought in December from SL Green for more than $600 million. The developer is planning a high-rise that will include retail, a hotel and condos; luxury hotel and retail brands are already in talks for the project.