Mattone Lands $32M Refi for Queens Retail Center
Northmarq secured the financing.
Image courtesy of Northmarq
Mattone Group has received a $32 million refinancing loan for Springnex Plaza, its 92,028-square-foot retail center in Queens, N.Y. Principal Financial Group issued the note in a transaction arranged by Northmarq.
The refinancing retires a previous $30 million loan originated in 2021 by FourLeaf Federal Credit Union, according to Yardi Matrix information.
Springnex Plaza was completed in 1999 on a 5-acre site at 134-40 Springfield Blvd., in Queen’s Springfield Gardens neighborhood. Anchored by Stop & Shop, the retail center is currently entirely leased, featuring a tenant roster which includes Ashley Stewart, IHOP Restaurant, and Northwell Health.
The U.S. retail landscape is actively displaying signs of recovery, with limited development and reduced competition driving upwards occupancy levels, which, in return, attracts both investors and lenders. Between the first and second quarter of 2026, the first-quarter originations for retail properties increased 3 percent, according to a recent MBA report. Compared to the second quarter of 2025, the same metric rose 61 percent in the dollar volume of loans across retail assets.
READ ALSO: What Will Power Retail’s Next Act in 2026?
Springnex Plaza is just off the Montauk Branch train line, as well as several other retail options, including a 140,000-square-foot Home Depot store. JFK International Airport is 3 miles south, along with Interstate 678 and New York State Route 878.
Northmarq Senior Vice President & Managing Director Robert Delitsky and Vice President Charles Cotsalas led the New York Metro Debt + Equity team which secured financing on behalf of Mattone Group.
You must be logged in to post a comment.