PRESTIGE SECURES $210M REFINANCING LOAN FOR BAY PLAZA

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NEW YORK CITY — Prestige Properties & Development has secured a $210 million loan to refinance Bay Plaza Community Center, a 517,000-square-foot retail center in the Bronx. Bay Plaza Community Center is a section of the 1.3 million-square-foot BayPlaza shopping complex, the largest retail center in New York City. MetLife's Real Estate Investments Division provided the five-year, fixed-rate loan, which bears an interest rate of sub-4 percent.

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