Northmarq secures $13.5M financing for grocery-anchored retail property in Middle Island, NY
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MIDDLE ISLAND, N.Y. — Northmarq’s New York Metro Debt + Equity team, led by Robert Delitsky and Dylan Hamer, successfully arranged $13.5 million in financing for Strathmore Commons Shopping Mall, a 146,381-square-foot grocery-anchored retail center located in Middle Island, New York.
Northmarq arranged financing on behalf of the borrower and repeat client through WoodmenLife.
“We’re excited to close this long-term, fixed-rate loan through one of Northmarq’s correspondent relationships,” said Delitsky. “Life insurance companies continue to show a strong appetite for grocery-anchored shopping centers, and WoodmenLife was a great partner in completing the transaction.”
“The borrower has done an excellent job maintaining strong leasing at the property,” Hamer added. “They quickly backfilled the vacant grocer with Giunta’s Meat Farms and secured a long-term lease with NYU Langone Health with minimal downtime.”
Strathmore Commons Shopping Mall, originally built in 1991, is a well-positioned community retail center serving the Middle Island community with a strong presence along the highly trafficked Middle Country Road corridor on Long Island.
The center features a mix of national and local tenants, including McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
