Northmarq’s New York Metro Debt + Equity team has arranged a $15 million refinance for Atlantic Plaza Shopping Center, a grocery-anchored retail property in the Ozone Park section of Queens. The multi-tenant shopping center totals 34,949 square feet and is located at 102-20 Atlantic Avenue, serving a neighborhood trade area with a focus on daily needs retail.
The refinancing was completed on behalf of the owner, Schuckman Realty Inc. Northmarq structured the new financing through an existing relationship with a commercial bank lender, aligning terms to meet the owner’s objectives for the asset. While specific loan terms were not disclosed, the transaction represents a notable capital markets execution for a stabilized, grocery-anchored retail center in one of the boroughs.
Northmarq’s assignment was led by the firm’s New York Metro Debt + Equity team, including Robert Delitsky and Keith Braddish. The team sourced and arranged the refinance, drawing on Northmarq’s lender relationships to identify a bank capital provider comfortable with the property’s tenant mix and location. The firm emphasized the importance of well-located assets in securing financing in the current environment.
In commenting on the deal, Delitsky highlighted the long-standing relationship between Northmarq and the client, noting the firm’s ability to deliver a financing solution tailored to the owner’s strategy for Atlantic Plaza Shopping Center. He also pointed to the continued strength of retail properties in the boroughs that benefit from solid locations and durable tenant demand.
Ownership echoed that view from an operating perspective. Ken Schuckman, president of Schuckman Realty, described grocery-anchored retail in the boroughs as performing at some of its strongest levels, citing the outperformance of neighborhood centers that cater to daily-needs shopping. He noted that lenders recognize this performance trend, which is supporting the financing market for similar grocery-anchored assets.
Atlantic Plaza Shopping Center was built in 1984 and is leased to a roster of daily-needs and service-oriented tenants. The center is anchored by Bravo Supermarkets, which provides the grocery component, and is complemented by Lenox Hill Radiology, Four Leaf Federal Credit Union and Dunkin’. This tenant mix positions the property as a community-focused retail destination serving regular, repeat customer traffic.
With its established tenancy and neighborhood orientation, Atlantic Plaza Shopping Center illustrates how grocery-anchored assets in the boroughs are attracting bank financing. The new loan arranged by Northmarq for Schuckman Realty Inc. reinforces the role of necessity-based retail centers in local shopping patterns and their continued access to institutional debt capital.
