LONG ISLAND, NEW YORK (October 19, 2021) – Charles Cotsalas, senior vice president/senior director and Robert Delitsky, senior vice president/managing director collaborated together to secure the $17.5 million refinance of Eltingville Shopping Center. The 98,523 sq. ft. mixed-use property is located in the Eltingville section of Staten Island, New York. The property is anchored by Rite Aid Drug Store, Advance Auto, and Santander Bank.
NorthMarq secured the permanent-fixed rate loan for the long term customer, a multi-generational owner through one its CMBS relationships. “The sponsor developed the property in the 1970’s and 1980’s and have done a fabulous job maintaining very strong occupancy. The structure of the 10-year interest only loan met all of the Borrower’s needs,” said Cotsalas.
The highly visible Eltingville Shopping Center, located in the main business district, is the major shopping destination for residents of the densely populated community of mostly single-family homes. The wide array of local and national tenants in this center has always kept the center at or close to one hundred percent occupancy and continues to distinguish this location from others in the vicinity.