Deutsche Bank, UBS Refi Mixed-Use Queens Property With $160M CMBS Loan
By Andrew Coen June 30, 2025 3:05 pm
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Rentar Development has landed a $160 million debt package to refinance a Queens mixed-use retail and industrial asset, Commercial Observer has learned.
Deutsche Bank and UBS originated the commercial mortgage-backed securities loan for the developer’s three-story Rentar Plaza building in Middle Village, Queens, sources familiar with the deal told CO.
BayBridge Real Estate Capital arranged the financing.
Located at 66-26 Metropolitan Avenue, the 1.43 million-square-foot Rentar Plaza was constructed by Garden City, N.Y.-based Rentar Development in 1972. The City of New York is the largest industrial tenant while BJ’s Wholesale Club anchors the retail portion, which is undergoing a renovation as part of a rebranding.
Amazon inked a 10-year lease for 300,000 square feet of warehouse space in February 2020, CO reported at the time.
A representative for Rentar Development said the rebranded 232,000-square-foot retail portion called The Shops At Rentar Plaza is slated for completion in spring 2026 with current tenants BJ’s, FitNation, Eyeworld and VJ Liquors remaining open during construction. Burlington and Catch Air have also signed leases of 28,000 square feet and 18,000 square feet, respectively, with plans to begin construction of new stores soon, according to Rentar.
Officials at UBS and BayBridge did not immediately return requests for comment. Deutsche Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
