Retail - Debt


NorthMarq’s New York City and Long Island offices arrange $30 million refinance of retail property in Springfield Gardens, New York

NEW YORK CITY, NEW YORK (September 7, 2021) – Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office and Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island office, collaborated to secure the $30 million refinance of Springnex Plaza Shopping Center. The 96,019 sq. ft.  grocery-anchored retail property, built in 2000, is located in Springfield Gardens, New York. The permanent-fixed loan was arranged for the borrower through NorthMarq’s relationship with a credit union. 

“Mattone Group Springnex, LLC, an affiliate of Mattone Investors, LLC, developed the property in 2000 and have done a fabulous job maintaining very strong occupancy over the past 21 years and the structure of the loan from the credit union met all of the Borrower’s needs,” said Delitsky. “Stop & Shop is the dominant supermarket in this market and with the strong financial performance of the center over many years, this financing opportunity was a very desirable investment for our lender,” Cotsalas added.

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.