The Feldman Family’s Circle F Capital has secured a $20.3 million loan for the refinancing of 2243 Jackson Avenue, a recently completed retail condominium at The Prime LIC in Long Island City, Queens.
A team from Newmark led by Dustin Stolly and Jordan Roeschlaub, along with Daniel Fromm, arranged the 10-Year fixed rate CMBS loan with Ladder Capital.
“We were delighted to close this financing on behalf of Circle F Capital with Ladder Capital. Ladder immediately recognized the opportunity to finance this grocery-anchored retail condo and was able to close this transaction seamlessly,” said Fromm.
Located at the base of a new 71-unit residential building, the retail condo features approximately 26,000 s/f, including 14,600 s/f of ground floor retail and 11,400 s/f below grade. The majority of the ground floor is leased to Trader Joe’s, which opened the location earlier this month.
The property is surrounded by over 63,000 residents in a one-mile radius with a median household income of more than $108,000 and a rapidly growing population. According to one estimate there are more than 5,000 additional residential units in the pipeline for the neighborhood. It is also located directly across the street from 5Pointz apartments, a 1,100-unit development expected to open in 2021.
“This location is a triumph for both Trader Joe’s and Circle F Capital,” said Stolly. “Located just one block from the 7-train with access to midtown in minutes and surrounded by thousands of apartment units delivered in just the last few years, this property is poised to be one of the city’s best positioned retail assets.”
Circle F is a family run company that has been investor and steward of capital for three generations over 50 years.