Natixis Real Estate Capital has provided a $132 million CMBS loan to Rentar Development Corporation for the refinance of Rentar Plaza in the Middle Village neighborhood of Queens, New York.
The 10-year term fixed rate loan backs a 1.6 million sq ft mixed-use property at 66-26 Metropolitan Avenue, built in 1973, containing three stories of retail, office, and warehouse space.
It is 100 percent leased. Its largest tenant, The City of New York, occupies four suites totaling 674,593 sq ft, and its four retail tenants — K-Mart, Toys “R” Us, Middle Village Associates, and Raymour & Flanigan — occupy 631,465 sq ft.
Natixis has been all over the map in New York City in recent weeks. It was part of the bank group that provided $750 million in construction financing to Gary Barnett’s Extell Development for the development of One Manhattan Square in Manhattan’s Lower East Side neighborhood; and co-led with Wells Fargo Bank the $197 million financing for the construction of a mixed-use project in the Williamsburg neighborhood of Brooklyn.
It also provided a $59.5 million, fixed-rate CMBS loan to Diamond Properties for the refinance of The Park at Mount Kisco in Mount Kisco, New York, about 40 miles north of Midtown Manhattan in Westchester County.
Rentar Development Corporation has developed and managed over four million sq ft of residential, retail and industrial space, mainly in the New York City area. The Queens financing was arranged by Mark Niman and Richard Horowitz of Cooper-Horowitz in New York.