Prestige Properties refinances Bay Plaza Community Center-$210 million

Prestige Properties & Development has refinanced Bay Plaza Community Center, a 517,000 s/f retail center that includes an office component. Bay Plaza Community Center is a section of the 1.3 million s/f Bay Plaza shopping complex, one of the largest retail centers in the city. The $210 million five year fixed-rate loan bears an interest rate of sub-4% with an interest-only portion. The loan was financed by MetLife's Real Estate Investments Division. The Bay Plaza Community Center refinance continues the swift pace of activity for Prestige Properties, which recently broke ground on the Mall at Bay Plaza, its new, $300 million, 780,000 s/f ground-up enclosed fashion mall located on a visible corner at the Bay Plaza Shopping complex. The new mall-anchored by Macy's and JC Penney-will be one of the first retail developments of its kind in the city in almost 40 years, bringing the entire Bay Plaza complex to more than 2 million s/f total.