Metropolitan Realty Associates and Angelo Gordon have secured a $19.1 million loan for the refinancing of an approximately 220,000-square-foot, two-story retail property in Nanuet, N.Y., Commercial Observer has learned.
“This transaction demonstrates the renewed strength of well-located brick-and-mortar retail as the nation recovers from the impact of COVID-19,” said Joseph Farkas, chief executive officer and founder of Metropolitan Realty. “This is our second financing transaction with IDB Bank, which has proved to be an excellent partner, as they understand the value of well-positioned assets and have arranged favorable terms so that we may continue to create value within this asset.”
Located at 5101 Fashion Drive, the property is anchored by an At Home and is situated adjacent to The Shops at Nanuet, an approximately 760,000-square-foot open-air shopping center. Since acquiring the building, ownership has worked through municipal zoning to allow for as-of-right self-storage use for the entire second floor.
“This asset exemplifies the potential present in legacy retail properties, particularly those in highly strategic, advantageous locations,” Stolly said in prepared remarks.
“This ownership team continues to showcase its deep industry experience and ability to adapt assets in an evolving market, and we are pleased to arrange this new financing, which will support their ability to execute on their well-designed business plan for the property,” Roeschlaub added.
Angelo Gordon declined to comment, officials at IDB Bank did not immediately respond to requests for comment.
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