NYCB Provides $85 Million Refinancing for Long Island Shopping Center
Damian Ghigliotty Nov. 11, 2013, 12:30 p.m.
New York Community Bank has provided an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot shopping center in Westbury, Long Island, Mortgage Observer has exclusively learned.
HFF arranged the 12-year loan on behalf of the property’s owners, a joint venture between the Mattone Group and Gartenstein Properties, to refinance an existing first mortgage also provided by NYCB. The new loan, which closed on Oct. 30, carries a fixed “market rate of interest” for the first seven years, according to an NYCB spokesperson. “NYCB is pleased with the asset, its location and the sponsor,” the spokesperson said. “It’s a major power center in our market.”
Roosevelt Raceway Center, located at 1195 Corporate Drive, is leased to several retail and restaurant tenants including Fairway Market, Home Depot, Babies “R” Us, AMC Theaters, Applebee’s and Chili’s. The property was completed in 1995.
The shopping center’s owners, which acquired the property from ING Clarion Partners in 2008, signed a lease in September 2013 with Joe’s Crab Shack for 7,900 square feet to accommodate the seafood chain’s third restaurant location on Long Island. Additionally, PGA Tour Superstore plans to open its Long Island first store at the shopping center this winter and will occupy 44,000 square feet there.
Managing Director Robert Delitsky led the HFF team representing the Mattone Group and Gartenstein Properties. “Raceway Center is located in one of the premier retail corridors in Nassau County,” Mr. Delitsky told Mortgage Observer via email. “Ownership has done an excellent job in attracting retailers such as Fairway and PGA Tour Superstore to the property.”
The Mattone Group, a Queens-based real estate development company, owns and manages more than 2 million square feet of commercial property in the New York Metro area, as well as Georgia and Florida. Gartenstein Properties is a Brooklyn-based real estate development and management company.