Bank of America Provides $300M Refi to Related for East New York Mall

Related Companies has secured $300 million to refinance the 11 parcels that make up Gateway Center Mall in East New York, Brooklyn, according to property records. 

Bank of America (BAC) provided the new debt, which refinances a $300 million loan from August 2014 that was securitized into a commercial mortgage-backed securities trust, Comm 2014-CCRE2.  Eastdil Secured’s Grant Frankel, Rob Turner and Adam Licari, arranged the financing. 

Glenn Goldstein, Related’s president of retail, signed the loan documents on behalf of the sponsor, using the limited liability company Gateway Center Properties Phase II Owner, while Bank of America Managing Director Steven Wasser signed for the lender, according to property records.  

PincusCo first reported the refinancing.

Gateway Center Mall opened in two phases. Gateway Center South, a 640,000-square-foot mall complex, opened in 2002 at a cost of $192 million, while Gateway Center North (also known as Gateway Center II), a 605,000-square-foot retail facility, opened in 2014, after the New York City Council rezoned 21 acres of land specifically for the project. 

The mall has several stores that include JCPenney, T.J. Maxx, Shoprite, Target, Staples, Best Buy and Home Depot, according to the mall’s website.

Related and Bank of America did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com