Rentar Development signs $160M refi for retail, industrial in Ridgewood

Rentar Development Corp. through the entity Vertical Industrial Park Associates as borrower signed a refi loan with lender Deutsche Bank and UBS through the entity DBR Investments Co. Limited valued at $160 million for the mixed-use retail and industrial building (K6) at 66-26 Metropolitan Avenue in Ridgewood, Queens.
The deal closed on June 26, 2025 and was recorded on August 4, 2025. The prior lender was Series 2016-NXSR which held debt that had an original loan amount of $132 million. The property has 1,572,198 square feet of built space and 345,877 square feet of additional air rights for a total buildable of 1,921,540 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $101 and the price per buildable square foot is $83 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on July 21, 2005, for $114.5 million. The signatory for Rentar Development Corp. was Dennis Ratner . The signatory for Deutsche Bank and UBS was Jeremy Schneider, Racquel A.C. Small , Matt Smith , and Paul Richardson .

Prior sales and revenue

The 1,572,198-square-foot property generated revenue of $38 million or $24 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Ridgewood has 1,572,198 square feet of built space and 345,877 square feet of additional air rights for a total buildable of 1,921,540 square feet according to a PincusCo analysis of city data. The parcel has frontage of 1,270 feet and is 1,270 feet deep with a total lot size of 960,770 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $138.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $18,185 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 12, 2017. On the lot, there is one active major alteration construction project, Q01083155, for a 956,664 square-foot M building. The project was submitted by Mark Disanti with plans filed December 5, 2024 and permitted April 18, 2025.

The neighborhood

In Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $180.4 million in sales volume in the last two years. For development, Ridgewood has near average amount of major developments among other neighborhoods and is the 6th highest in Queens. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 1,572,198 square feet of the 1,572,198 square feet. The identified owner is Rentar Development.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1.6 million square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

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