Northmarq secures $75M loan for acquisition, redevelopment of Queens grocery-anchored shopping center
Photo source: Schuckman Realty.
WHITESTONE, N.Y. — Northmarq’s New York Debt + Equity team led by Robert Delitsky and Keith Braddish successfully arranged a $75 million loan for the acquisition and redevelopment of Whitestone Shopping Center, a 119,584-square-foot grocery-anchored shopping center located at 153-17 Cross Island Parkway in Whitestone, Queens.
Northmarq arranged financing on behalf of BTF Whitestone LLC after running a marketing process with the lending community. Northmarq and ownership selected Acadia Realty Trust. The principals of BTF Whitestone LLC are Aaron Malinsky and Kenneth Schuckman.
"After being overlooked for decades, Whitestone Shopping Center is about to undergo a significant transformation that will benefit both its tenants and the surrounding community," said Delitsky. "Kenneth Schuckman and Aaron Malinsky are the ideal developers to restore Whitestone Shopping Center into a vibrant neighborhood retail destination."
"Grocery-anchored shopping centers have consistently remained one of the most sought-after retail asset classes," said Braddish. "Whitestone Shopping Center offers exceptional visibility, strong demographics, and an outstanding location within one of New York City's most established neighborhoods. Acadia Realty Trust provided outstanding financing to help ownership redevelop the Whitestone Shopping Center.”
Situated along Cross Island Parkway in the Whitestone neighborhood of Queens, Whitestone Shopping Center has served the surrounding community for decades as a convenient neighborhood shopping destination. Originally built in 1955, the property benefits from excellent visibility, consistent consumer traffic, and a strategic location within one of New York City’s most densely populated boroughs.
The center is anchored by Key Food Supermarket, with additional tenants including Webster Bank and JPMorgan Chase.
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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 four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
