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Century Marketplace Bay Ridge redevelopment secures $130M financing
The project, bought for $47.5M last year, is 65% preleased after locking in retail leases totaling 60K SF.
Bisnow reports a Bay Ridge assemblage is moving forward with a $130M redevelopment after its new owners secured $76.7M in construction financing and two retail anchors. The project, planned for a 14-lot site, is being developed by MCB Real Estate and Osiris Ventures and will be called Century Marketplace.
The redevelopment includes a 120K SF property, with MCB and Osiris signing a 44K SF lease with Burlington and a 16K SF lease with a national grocer. With those deals, the site is now described as 65% preleased, and a spokesperson declined to name the supermarket chain.
As part of the financing announcement, the developers said Truist provided the construction funding, with Truist Senior Vice President Spencer Perry leading the deal. The companies also said the grocer will be the first national grocer to serve the immediate Southwest Brooklyn trade area, according to the project release.
In addition to the Bay Ridge work, Bisnow notes other New York deal activity, including Parkoff Organization selling 110 E. 55th St. to Extell Development for $65M, and Pinnacle Group offloading more than $200M of assets after a quiet period following the bankruptcy of a citywide rent-stabilized portfolio.