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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