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.

 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.