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Northmarq Arranges Life Company Loan on Grocery-Anchored Long Island Retail
Northmarq’s New York Metro Debt + Equity team, led by Robert Delitsky and Dylan Hamer, arranged a $13.5-million financing for Strathmore Commons Shopping Mall, a 146,381-square-foot grocery-anchored retail center located in Middle Island, NY, within Long Island’s Suffolk County. Northmarq arranged financing on behalf of the borrower and repeat client through WoodmenLife.
“We’re excited to close this long-term, fixed-rate loan through one of Northmarq’s correspondent relationships,” said Delitsky. “Life insurance companies continue to show a strong appetite for grocery-anchored shopping centers, and WoodmenLife was a great partner in completing the transaction.”
Hamer added, “The borrower has done an excellent job maintaining strong leasing at the property. They quickly backfilled the vacant grocer with Giunta’s Meat Farms and secured a long-term lease with NYU Langone Health with minimal downtime.”
Originally built in 1991, the center features a mix of national and local tenants, including McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel.
- ◦Financing
