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Northmarq Arranges $75M Acquisition Loan for Grocery-Anchored Queens Center

Northmarq’s New York Debt + Equity team led by Robert Delitsky and Keith Braddish arranged a $75-million loan for the acquisition and redevelopment of Whitestone Shopping Center, a 119,584-square-foot grocery-anchored shopping center located at 153-17 Cross Island Pkwy. in Whitestone, Queens.

Northmarq arranged financing on behalf of BTF Whitestone LLC after running a marketing process with the lending community. Northmarq and ownership selected Acadia Realty Trust. The principals of BTF Whitestone LLC are Aaron Malinsky and Kenneth Schuckman.

“After being overlooked for decades, Whitestone Shopping Center is about to undergo a significant transformation that will benefit both its tenants and the surrounding community,” said Delitsky. “Kenneth Schuckman and Aaron Malinsky are the ideal developers to restore Whitestone Shopping Center into a vibrant neighborhood retail destination.”

The center is anchored by Key Food Supermarket, with additional tenants including Webster Bank and JPMorgan Chase.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition