Cord Meyer Development secures funding as it moves forward with major upgrades at one of New York’s top-performing retail destinations
28 April 2026
News release
28 April 2026
JLL Capital Markets arranges $150M financing for the Bay Terrace Shopping Center in Queens
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Authors
Greta Kieras
NEW YORK, April 28th, 2026 – JLL Capital Markets announced today that it has arranged $150 million in financing for the Bay Terrace Shopping Center, a premier grocery-anchored shopping center located in the Bayside neighborhood of Queens, New York.
JLL worked on behalf of the borrower, Cord Meyer Development, to secure the loan through New York Life Real Estate Investors.
The Bay Terrace is a 326,445-square-foot retail destination situated at the intersection of 26th Avenue and Bell Boulevard. The property is currently approximately 90% leased and anchored by Stop & Shop, alongside a diverse mix of national and investment-grade tenants including HomeGoods, AMC Theatres, Bank of America, JPMorgan Chase, Sephora and LA Fitness.
Originally developed in the 1960s, the center has long served as a dominant retail hub in Northeast Queens, drawing nearly five million visits annually and benefiting from strong surrounding demographics and limited new retail supply.
The sponsorship has recently invested significant capital to enhance the asset, including façade upgrades, new signage, improved pedestrian circulation and a “Restaurant Row,” with additional improvements planned to further modernize the property.
According to JLL, Northeast Queens submarket contains 23.8 million square feet of retail inventory with a vacancy rate of 2.5%. Current retail construction is significantly below historical averages, with only 15,000 square feet underway compared to the 150,000 square foot annual average. The Bay Terrace draws 783,000 individual shoppers who generate 4.95 million total visits annually, ranking the property as the 24th top-performing retail destination in New York.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources visit JLL’s newsroom.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.