Long Island City Retail Center Lands $80M Refi – What is a Ground Lease?

, Long Island City Retail Center Lands $80M Refi – What is a Ground Lease?, Robert Khodadadian

Image by Donald Giannatti via Unsplash

Northmarq has arranged an $80.1 million refinancing for Roosevelt Raceway Center, a 428,483-square-foot, grocery-anchored retail center in Westbury, N.Y. Senior Vice Presidents & Managing Directors Charles Cotsalas and Robert Delitsky from the brokerage company’s Long Island and New York City offices, worked with a regional bank to secure the permanent, fixed-rate loan on behalf of Mattone Investors, identified by CommercialEdge as the borrower.

The same data provider reveals that the current owner picked up the asset back in 2008, for $103 million. The property is currently subject to an $85 million loan, issued by New York Community Bank, which is set to mature this year.

READ ALSO: What Will Retail Look Like in 2023?

Completed in 1995 on a 48-acre site, Roosevelt Raceway Center encompasses seven buildings. Home Depot, Food Bazaar Supermarket, David’s Bridal and a PGA TOUR Superstore are among its current tenants.

Located at 1250 Corporate Drive, the property is less than 3 miles from downtown Westbury, offering connectivity to Meadowbrook Parkway and Old Country Road. Roosevelt Raceway Center is also 2 miles from Roosevelt Field Mall, the largest shopping mall on Long Island and the eighth largest shopping destination in the U.S.

According to retail traffic data firm Placer.ai, Roosevelt Raceway Center is exposed to approximately 60,000 visits per week, serving a population of more than 1.9 million residents in the area.

Retail in 2023

A retail market report by JLL showed that market fundamentals for this real estate sector remained positive through the third quarter of 2022 as retailers continued to open more outlets than they closed. The same research paper found that despite concerns about price increases and an unstable economy, consumers plan to spend around the same amount as they did last year.

According to Forbes, the new year brings a more upbeat outlook and an enhanced emphasis on the shopper buying experience. A seamless experience and hybrid shopping are set to shape the future of retail as retailers continue to adapt to the post-pandemic normal.

The post Long Island City Retail Center Lands $80M Refi appeared first on Commercial Property Executive.

 Finance, New York, News, Northeast, Retail, New York Community Bank, Northmarq 

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