Northmarq’s New York Debt + Equity team has arranged a $75 million loan to support the acquisition and planned redevelopment of Whitestone Shopping Center, a grocery-anchored retail property in Queens. The center totals 119,584 square feet and is located at 153-17 Cross Island Parkway in the Whitestone neighborhood.
The financing was secured on behalf of BTF Whitestone LLC, which is acquiring the property with plans to reposition the center. Northmarq conducted a marketing process with the lending community before moving forward with a lender selection. Following that process, Northmarq and the ownership group chose Acadia Realty Trust to provide the loan.
The principals of BTF Whitestone LLC are Aaron Malinsky and Kenneth Schuckman. They are leading the effort to transform Whitestone Shopping Center after what has been described as a long period in which the property did not receive significant investment. The redevelopment is intended to enhance the center’s role as a retail hub for the surrounding community and its existing tenant base.
Northmarq’s New York Debt + Equity team was led by Robert Delitsky and Keith Braddish. Working on behalf of BTF Whitestone LLC, the team structured the acquisition financing to align with the sponsor’s redevelopment objectives for the shopping center. The loan proceeds are intended to facilitate both the purchase of the property and the repositioning program envisioned by ownership.
Whitestone Shopping Center is anchored by Key Food Supermarket, which serves as the primary grocery tenant. Additional tenants at the property include Webster Bank and JPMorgan Chase, reinforcing the center’s mix of daily needs and financial services offerings. The combination of a supermarket anchor and established financial institutions positions the asset as a neighborhood-serving retail destination.
The arranged financing marks a new chapter for Whitestone Shopping Center, pairing a local sponsorship group with an institutional lender to undertake an extensive refresh of a long-standing community shopping center in Queens.
