A joint venture between REIT Kimco Realty Corp. and a group of institutional investors has secured an $18 million non-recourse first mortgage loan for Staten Island’s Forest Avenue Shopping Center.
Kimco Income Operating Partnership, the joint venture, owns 59 community shopping centers in 18 states around the U.S. This particular shopping center is 190,000 square feet and includes TJ Maxx, Michael’s and CVS among its long-term tenants.
“This is a relatively low-leverage financing, but the loan has flexible pre-payment terms that were very attractive to Kimco and its partners,” Mark Ehlinger, a Cushman & Wakefield (CWK) Sonnenblick Goldman managing director, said in a prepared statement about the deal. C&WSG was the borrower’s exclusive advisor and arranged the loan.
The lender was not disclosed, but was described as “the U.S. banking subsidiary of an international financial company.”