Northmarq’s New York Metro Debt + Equity team, led by Robert Delitsky and Dylan Hamer, successfully arranged $13.5 million in financing for Strathmore Commons Shopping Mall, a 146,381-square-foot grocery-anchored retail center located in Middle Island, New York.
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.”
“The borrower has done an excellent job maintaining strong leasing at the property,” Hamer added. “They quickly backfilled the vacant grocer with Giunta’s Meat Farms and secured a long-term lease with NYU Langone Health with minimal downtime.”
Built in 1991, Strathmore Commons Shopping Mall is a well-positioned community retail center serving the Middle Island community with a strong presence along the highly trafficked Middle Country Road corridor on Long Island. 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.
