NEW YORK CITY — JLL has arranged a $150 million loan for the refinancing of 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. 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 the loan closing. Anchored by Stop & Shop, the property is also home to HomeGoods, AMC Theatres, Bank of America, Chase Bank, Sephora and LA Fitness. The center was originally developed in the 1960s. Cord Meyer has recently executed capital to enhance the center, including façade upgrades, new signage, improved pedestrian circulation and a “restaurant row.” Additional improvements are planned to further modernize the property.
— Kristin Harlow