Sun Equity Partners and The Heskel Group have secured $73 million in construction takeout financing and preferred equity for The Shoppes at 40-31 82nd Street in Jackson Heights, CO first reported. New York Community Bank provided $59 million in debt, while an unnamed National REIT provided the remaining $14 million in preferred equity.
- Property details: The two-story, retail asset spans 88,000 SF, and includes medical office suite, in addition to a 138-car underground parking garage
- Five-store, strong tenant roster the key: Target, Starbucks, Chipotle, Chick-fil-A, and EmblemHealth. Credit tenants drive deals, and even in this retail environment, worthy assets are differentiated and funded.
- Brokers: Meridian Capital Group’s Morris Betesh, Justin Boruchov, and Alex Bailkin facilitated the recapitalization .
- Heard on the Street: Meridian’s Morris Betesh: “The property is 100 percent leased primarily to credit tenants in a very dense, high-traffic area… This deal is a testament to the tenacity of our team, the depth of our relationships and, most importantly, the quality of the asset.” [CO]