{"id":1004638266,"date":"2023-01-06T04:46:50","date_gmt":"2023-01-06T12:46:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004638266"},"modified":"2023-01-06T05:03:08","modified_gmt":"2023-01-06T13:03:08","slug":"long-island-city-retail-center-lands-80m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/long-island-city-retail-center-lands-80m-refi\/","title":{"rendered":"Mattone Investors Lands $80M for Long Island Retail Center"},"content":{"rendered":"
\"\"<\/a>

Image by Donald Giannatti via Unsplash<\/p><\/div>\n

Northmarq <\/strong>has arranged an $80.1 million refinancing for Roosevelt Raceway Center, a 428,483-square-foot, grocery-anchored retail center in Westbury, N.Y. Senior Vice Presidents & Managing Directors Charles Cotsalas and Robert Delitsky from the brokerage company’s Long Island and New York City offices, worked with a regional bank to secure the permanent, fixed-rate loan on behalf of Mattone Investors<\/strong>, identified by CommercialEdge as the borrower.<\/p>\n

The same data provider reveals that the current owner picked up the asset back in 2008, for $103 million. The property is currently subject to an $85 million loan, issued by New York Community Bank<\/strong>, which is set to mature this year.<\/p>\n

\n

READ ALSO:<\/strong> What Will Retail Look Like in 2023?<\/a><\/p>\n

\n

Completed in 1995 on a 48-acre site, Roosevelt Raceway Center encompasses seven buildings. Home Depot, Food Bazaar Supermarket, David\u2019s Bridal and a PGA TOUR Superstore are among its current tenants.<\/p>\n

Located at 1250 Corporate Drive, the property is less than 3 miles from downtown Westbury, offering connectivity to Meadowbrook Parkway and Old Country Road. Roosevelt Raceway Center is also 2 miles from Roosevelt Field Mall, the largest shopping mall<\/a> on Long Island and the eighth largest shopping destination in the U.S.<\/p>\n

According to retail traffic data firm Placer.ai<\/em>, Roosevelt Raceway Center is exposed to approximately 60,000 visits per week, serving a population of more than 1.9 million residents in the area.<\/p>\n

Retail in 2023<\/h2>\n

A retail market report by JLL<\/strong><\/a>\u00a0showed that market fundamentals<\/a> for this real estate sector remained positive through the third quarter of 2022\u00a0as retailers continued to open more outlets than they closed. The same research paper found that despite concerns about price increases and an unstable economy, consumers plan to spend around the same amount as they did last year.<\/p>\n

According to Forbes<\/em>, the new year brings a more upbeat outlook and an enhanced emphasis on the shopper buying experience. A seamless experience and hybrid shopping are set to shape the future of retail as retailers continue to adapt to the post-pandemic normal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Northmarq arranged the fixed-rate loan with a regional bank. <\/p>\n","protected":false},"author":3030,"featured_media":1004638268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21749],"tags":[45176,50380],"class_list":["post-1004638266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-retail","tag-new-york-community-bank","tag-northmarq"],"acf":[],"yoast_head":"\nMattone Investors Lands $80M for Long Island Retail Center - CPE<\/title>\n<meta name=\"description\" content=\"Northmarq has arranged $80.1 million in refinancing for Roosevelt Raceway Center, grocery-anchored retail center in Westbury, N.Y.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/long-island-city-retail-center-lands-80m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mattone Investors Lands $80M for Long Island Retail Center\" \/>\n<meta property=\"og:description\" content=\"Northmarq has arranged $80.1 million in refinancing for Roosevelt Raceway Center, grocery-anchored retail center in Westbury, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/long-island-city-retail-center-lands-80m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-06T12:46:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-06T13:03:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/donald-giannatti-ee0lGIc0CFE-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-city-retail-center-lands-80m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/long-island-city-retail-center-lands-80m-refi\/\",\"name\":\"Mattone Investors Lands $80M for Long Island Retail Center - 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