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Prudential Mortgage Capital Co. Provides $85M Financing for Kips Bay Plaza

NEW YORK—Prudential Mortgage Capital Co., based in Newark, N.J., has provided an $85 million, 15-year, fixed-rate loan to MD Carlisle and JD Carlisle for Kips Bay Plaza in the Kips Bay section of Manhattan. The 171,325-sq.-ft. retail center is anchored by Fairway Supermarkets and was originally developed in 1998.

Chris Lama of N.Y. Urban Real Estate Services arranged the financing for the borrower.

Located on Second Avenue between 30th and 32nd streets, tenants at the property include an AMC movie theater, Rite Aid pharmacy, Petco, Staples and TD Bank.

“With retail at such a premium in New York City, we expect this property to perform well,” said Justin Levitt, a director with Prudential Mortgage Capital Co.’s New York office who led the transaction. “The addition of Fairway Supermarkets as an anchor tenant should bring substantially more foot traffic in this centrally located neighborhood, making this an all-around extremely attractive transaction.”

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