Principal Financial Group Loans $32M to Refi Queens Shopping Center – Commercial Observer
An affiliate of Mattone Investors secured $32 million to refinance Springnex Plaza, a 96,028-square-foot shopping center anchored by a Stop & Shop supermarket in the Queens neighborhood of Springfield Gardens.
Principal Financial Group provided the debt, while Northmarq’s Robert Delitsky and Charles Cotsalas arranged the transaction.
Delitsky noted in a statement that Mattone Investors first developed Springnex Plaza six years ago and “have done a fabulous job maintaining very strong occupancy” since then.
“Supermarket-anchored shopping centers like Springnex Plaza will continue to attract very strong lender interest in today’s market,” Cotsalas added in the same statement.
Located at 134-40 Springfield Boulevard, Springnex Plaza sits on 5.58 acres of land and is 100 percent occupied. Besides Stop & Shop, tenants include an IHOP, fashion retailer Ashley Stewart and Northwell Health GoHealth Urgent Care.
Brian Pascus can be reached at bpascus@commercialobserver.com.
