News:
Brokerage
Posted: May 16, 2023
Northmarq completes $22 million refinance of 75,697 s/f Village Greens Shopping Center
Staten Island, NY Robert Delitsky, senior vice president/managing director, and Dylan Hamer, associate producer, of Northmarq’s New York debt/equity office, secured the $22 million refinance of Village Greens Shopping Center. The 75,697 s/f grocery-anchored retail shopping center is located in the Arden Heights neighborhood. The property is anchored by Key Food Supermarket, CVS Pharmacy, and JP Morgan Chase Bank. Built in 1989, the multi-tenanted retail property serves as the shopping destination of the residents of the Arden Heights neighborhood.
Northmarq secured the permanent-fixed rate loan for the owner through its correspondent relationship with Nationwide Life Insurance Company.
“Nationwide Life Insurance Company showed strong interest in this deal from the start, based on the strong sales and excellent tenant mix in the center” said Delitsky. “They were able to meet the borrower’s loan request with competitive terms.”
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap arranges $11.4 million sale of mixed-use property in Manhattan
Manhattan, NY Marcus & Millichap negotiated the sale of 196 Bowery, a mixed-use property in the NoLita neighborhood. The asset sold for $11.4 million.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
