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Northmarq secures $75M loan for Whitestone Shopping Center overhaul
The financing supports the acquisition and redevelopment of Whitestone Shopping Center, a 119,584-square-foot grocery-anchored property anchored by Key Food.
Northmarq’s New York Debt + Equity team arranged a $75 million acquisition loan for Whitestone Shopping Center in Whitestone, Queens, to fund both the purchase and redevelopment of the property.
The center spans 119,584 square feet and is grocery-anchored by Key Food Supermarket, with additional tenants including Webster Bank and JPMorgan Chase, according to ConnectCRE.
Northmarq arranged the financing for BTF Whitestone LLC after running a marketing process with the lending community, and ownership selected Acadia Realty Trust.
ConnectCRE said the principals of BTF Whitestone LLC are Aaron Malinsky and Kenneth Schuckman, and Northmarq co-leads Robert Delitsky and Keith Braddish described the project as a major transformation intended to refresh the center for tenants and the surrounding community.