Northmarq secures $8.1 million refinance of College Point, NY mixed-use property
NEW YORK (Oct. 16, 2023) — Northmarq’s New York City Debt + Equity team of Charles Cotsalas, senior vice president and Robert Delitsky, managing director, have secured the $8.1 million refinancing of a mixed-use property in College Point, NY. Built by the borrower in 1997, the property’s retail anchor is Home Goods and is located at 134-01 20th Ave within College Point. Northmarq secured financing for the sponsor through a relationship with a commercial bank.
“Even with much uncertainty in the market, the lender was able to provide the necessary loan proceeds acceptable to borrower at an attractive rate,” said Cotsalas. “The existing borrower/lender relationship made the closing process relatively streamlined.”
Located along the highly trafficked 20th Avenue, Home Goods College Point is shadow-anchored by several national and regional retail operators; ShopRite, Petco, Target, PC Richard & Son, TJ Maxx & BJ’s. Within a half mile distance is The Whitestone Expressway (I-678), at exit 15, where traffic counts exceed 24,000 vehicles per day. The second story of the building is used as the sponsor’s corporate headquarters.
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