HFF secured a $16.88 million construction and permanent loan for the development of a 63,000 s/f freestanding ShopRite supermarket in Staten Island, New York.
Working on behalf of the borrower, HFF placed the 22-year, fixed-rate construction and permanent loan with a national life insurance company. The loan will convert to a 20-year, self-liquidating loan upon completion of the project.
Slated for completion in 2015, the property is fully leased to ShopRite supermarket. Situated on 4.3 acres, the store is located at 3010 Veterans Road near the Richmond Parkway and Pearl Harbor Memorial Expressway interchange.
The HFF team representing the borrower was led by managing director Robert Delitsky and senior managing director Thomas Didio.