Northmarq’s New York Metro Debt + Equity team has arranged a $13.5 million loan for Strathmore Commons Shopping Mall, a grocery-anchored retail center in Middle Island, NY. The 146,381-square-foot property is located in Suffolk County on Long Island and is positioned as a neighborhood retail destination serving the surrounding community.
The financing was structured on behalf of a repeat borrower client, with Northmarq placing the debt through WoodmenLife. The assignment was led by Northmarq professionals Robert Delitsky and Dylan Hamer, who sourced a long-term, fixed-rate execution through one of the firm’s correspondent life company relationships.
Delitsky noted that life insurance companies remain active lenders in the grocery-anchored shopping center space and that the correspondent relationship with WoodmenLife provided an efficient path to closing. He highlighted that the lender demonstrated a strong appetite for the asset type and worked closely with the borrower and Northmarq to complete the transaction.
Hamer emphasized the asset’s leasing performance as a key strength supporting the financing. According to him, the borrower has maintained solid occupancy at Strathmore Commons and moved quickly to address a prior anchor vacancy. The former grocer space was backfilled with Giunta’s Meat Farms, and the ownership also secured a long-term lease with NYU Langone Health, both achieved with minimal downtime between tenants.
Originally constructed in 1991, Strathmore Commons Shopping Mall features a mix of national and local retailers and service providers. Notable tenants include McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel, reflecting a blend of daily-needs retail, food and beverage, fitness and healthcare uses.
The combination of stable tenancy, a grocery anchor and medical space, along with the center’s established operating history, helped position the property for life company financing. The transaction underscores ongoing lender interest in well-leased, grocery-anchored retail assets in mature suburban locations such as Long Island’s Suffolk County.
