Northmarq secures $18.25 refinance for grocery-anchored retail property in Newark, Delaware

WHITE PLAINS, NY (Sept. 14, 2023) — Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity team, arranged the refinance of University Plaza, a 250,019 sq. ft. grocery anchored, multi-tenant retail property for $18.25 million. The shopping center is located on University Drive in Newark, Delaware. The transaction was structured with a 10-year term and a 30-year amortization. Northmarq secured the permanent fixed rate loan for the borrower through its correspondent relationship with a life insurance company.

“At the height of the banking sector turmoil, the lender stepped up and offered a loan with a flexible prepayment structure and competitive interest rate which were paramount to the borrower,” said Ranieri. “This well-leased shopping center has been family owned and operated for 30 years.”

Anchored by ACME Markets, the shopping center is situated on 25.60 acres and boasts an excellent location and visibility along Christiana Road (Route 273) and close to the Delaware Turnpike (i-95) as well as I-295 and I-495. Constructed in 1971 and renovated in 1989, the property consists of three buildings and four pad sites.  Major tenants at University Plaza include an array of popular national and local retailers such as Burlington, Harbor Freight Tools, Walgreens, PNC Bank and Wendy’s.