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Orange Plaza Owner Refinances

MIDDLETOWN, NY-National Realty & Development Corp. refinances its Orange Plaza shopping center here. Due to low interest rates, the firm has opted to refinance approximately 85% of its 14-million-sf portfolio to date.

By John Jordan | Updated on June 12, 2006

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the debt and equity markets, click here.)

MIDDLETOWN, NY-National Realty & Development Corp. has refinanced its Orange Plaza shopping center here to the tune of $90.5 million. John Orrico, managing director of the Purchase-based firm, says National decided to refi to take advantage of the current low mortgage interest rates. He adds that the firm has opted to refinance approximately 85% of its 14-million-sf portfolio to date.

The 900,000-sf Orange Plaza open-air shopping center has only 14,000 sf of space available at the moment. Recently, a new Ruby Tuesday’s opened its doors and a refurbished Taco Bell restaurant was also completed.

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