Mattone Investors has secured a $30 million loan to refinance a neighborhood shopping center in Springfield Gardens, Queens.
NorthMarq’s Robert Delitsky, senior vice president in New York, and Charles Cotsalas, senior director on Long Island, collaborated to secure the $30 million refinance of Springnex Plaza Shopping Center with a credit union.
“Mattone developed the property in 2000 and have done a fabulous job maintaining very strong occupancy over the past 21 years and the structure of the loan from the credit union met all of the Borrower’s needs,” said Delitsky.
“Stop & Shop is the dominant supermarket in this market and with the strong financial performance of the center over many years, this financing opportunity was a very desirable investment for our lender,” Cotsalas added.
Located at 134-40 Springfield Boulevard, the 96,019 s/f retail property is anchored by Stop & Shop with tenants including Municipal Credit Union, Queens Health Network, A & M Pizza, Rainbow Apparel, Ashley Stewart, SG Beauty, Jet Income Tax, Deal 99 cents & Up, Spectrum.