Northmarq arranges $107m financing/loan for two grocery-anchored properties in Queens

Queens, NY Northmarq’s New York Metro Debt + Equity team, led by Robert Delitsky arranged $107 million in financing for two grocery-anchored shopping centers.

Delitsky and Charles Cotsalas, arranged $32 million in financing for Springnex Plaza, a 96,028 s/f retail property located at 134-40 Springfield Blvd. in Springfield Gardens.

Delitsky and Keith Braddish, arranged a $75 million loan for the acquisition and redevelopment of Whitestone Shopping Center, a 119,584 s/f grocery-anchored shopping center located at 153-17 Cross Island Pkwy. in Whitestone.

Northmarq arranged financing on behalf of the Springnex Plaza owner, Mattone Group Springnex LLC, through Principal Financial Group.

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. 

“Ownership developed Springnex Plaza in 2000 and they have done a fabulous job maintaining very strong occupancy,” Delitsky said.

“Supermarket anchored shopping centers like Springnex Plaza will continue to attract very strong lender interest in today’s market,” said Cotsalas.

Springnex Plaza is a 100% occupied, multi-tenant, grocery-anchored retail center situated on 5.58 acres in the Queens submarket.

Serving the Springfield Gardens community for more than two decades, Springnex Plaza offers a mix of grocery, dining, healthcare and service-oriented tenants. Anchored by Stop & Shop, Springnex Plaza is home to a roster of local and national retailers, including Ashley Stewart, IHOP Restaurant, and Northwell Health.

“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 Pkwy., Whitestone Shopping Center has served the surrounding community for decades as a neighborhood shopping destination. Originally built in 1955, the property benefits from visibility, consumer traffic, and a 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.