(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.

Prudential Mortgage Capital Co. originated the refinancing loan on behalf of the company’s conduit. Prudential Mortgage Capital is the commercial lending subsidiary of Prudential Financial Inc.

The 10-year loan amortizes over a 30-year period with the first two years interest only, Prudential Mortgage officials say. The loan was originated by Scott Chisholm of the firm’s New York City office. Orange Plaza’s major tenants include Wal-Mart, Home Depot, Burlington Coat Factory, Kohl’s, Marshalls and Staples.

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