Related Companies secured a $380 million refinancing deal for the Bronx Terminal Market, replacing a previous nonperforming $380 million CMBS loan that matured in May.
The refinancing deal involves a $240 million A-note provided by Deutsche Bank, Wells Fargo, Bank of America, and Starwood Mortgage Capital, alongside a $140 million B-note from the CPP Investment Board.
The Bronx Terminal Market, anchored by Target and featuring 21 tenants, boasts a 90% lease rate with significant investment-grade tenants and easy access to the Major Deegan Expressway.
Originally constructed in 2009 for $360 million, the terminal was a wholesale fruit and vegetable market before becoming a retail destination, today offering over 913,000 square feet of leaseable area.
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