$92,000,000 A/B Note Financing
Altman Warwick arranged two separate mortgage loans secured by The Bay Terrace Shopping Center in Bayside, NY. The 312,248 square foot regional “power center” combines four distinct retail components to create one of the most unique and successful retail destinations in the country. To supplement the steady drawing power of a traditional “food and drug” center anchored by Waldbaums and Duane Reade, Bay Terrace has numerous other national tenants including The Gap, Express, Victoria Secrets, Ann Taylor Loft, Lane Bryant, and American Eagle Outfitters. Further traffic is generated by an entertainment / life-style component which includes an AMC / Lowes 6-plex movie theatre along with several national casual dining restaurant chains. The challenge was to identify one lender that could offer both the most competitively priced floating and fixed-rate money to satisfy the borrower’s unique capital requirements. We arranged a $32,000,000 long term fixed-rate first mortgage loan which refinanced the existing debt. Additionally, we arranged a short-term, floating-rate loan facility of $60,000,000 which was designed to be funded in stages to finance other development projects in the borrower’s pipeline.