New York Developer Secures $8M Refinancing Loan For Thriving Orlando Retail Property

New York-based Time Century Holdings has secured an $8 million loan to refinance a shopping center in Central Florida. New York Community Bank, also based in New York, is the lender.

Led by New York developer Yair Levy, Time Century Holdings closed on the loan for the Oviedo Crossroads retail center on April 19. The property is located at 1950 W. State Road 426 in Oviedo, about a 30-minute drive from Walt Disney World.

The financing was secured shortly after Staples renewed its 24,000-square-foot lease at the 163,754-square-foot retail center in one of Orlando’s most affluent suburbs.

“This loan speaks highly of our long-standing relationship with New York Community Bank,” Levy said. “The bank has been our partner in four other transactions in the last decade and our relationship continues to grow stronger with each new deal. We are grateful to the bank executives who traveled to Orlando to get familiar with the property, the neighborhood and our tenants. The loan highlights the strength of this asset, which is 100 percent leased out.” 

The retail center, located in Orlando’s wealthiest zip code, is home to national, regional and local retail tenants, including Home Depot, McDonald’s, Cavallari Gourmet, Quest Diagnostics, CVS, and Interstate Batteries, among others. In the last quarter of 2020, Porte Noire opened a 5,640-square-foot salon, making the chain’s 10th location in Central Florida.