Madison International Realty Nabs $100M Natixis Refi for Queens Place Mall
Madison International Realty has scored a $100 million refinance for its Queens Place mall in Elmhurst, Queens, property records show.
Natixis provided the loan, which replaces and consolidates $77 million in old debt from Northwestern Mutual Life Insurance Company with a new $23 million gap mortgage from the French lender.
The property, located at 88-15 Queens Boulevard, houses retailers such as Target, DSW and Best Buy.
Madison reached an agreement to buy out Forest City Realty Trust, its joint-venture partner in the property last September as part of a $1 billion deal to acquire Forest City’s interest in 12 New York City and Northern New Jersey retail assets the JV owned, known as the “New York Portfolio.” Previously, Madison had a 49 percent stake in the assets.
The portfolio totals 2.1 million square feet and includes Atlantic Terminal in Brooklyn, Harlem Center, the Shops at Northern Boulevard in Queens, the Shops at Richmond Avenue in Staten Island and the Columbia Park Center in North Bergen, N.J.
The deal came about when Forest City announced that it would begin exiting the retail business in 2016, with Madison agreeing to acquire the New York City/ New Jersey assets outright and Australian investor QIC stepping in to buy the REIT’s national assets.
Natixis has been actively lending on New York City retail properties. In March, it provided a $68.5 million CMBS loan to refinance Simone Development‘s Throggs Neck Shopping Center in the Bronx, as first reported by Commercial Observer.
Officials at Natixis could not immediately be reached for comment. Officials at Madison International Realty declined to comment.