Northmarq’s New York Metro Debt + Equity team has arranged a new round of financing for Springnex Plaza, a fully leased neighborhood shopping center in Queens. The team, led by Robert Delitsky and Charles Cotsalas, secured $32 million in debt for the retail property on behalf of the ownership entity, Mattone Group Springnex LLC. Financing was sourced through Principal Financial Group.
Springnex Plaza totals 96,028 square feet of retail space in the Springfield Gardens neighborhood of Queens and has been a local shopping destination for more than two decades. The multi-tenant center was developed in 2000 and has maintained full occupancy, according to Northmarq. Delitsky noted that ownership has consistently kept the asset well leased since its delivery.
The center is grocery-anchored and positioned on approximately 5.58 acres, serving the surrounding Springfield Gardens community with a mix of daily needs and service tenants. Stop & Shop anchors the property, drawing regular traffic to the center. Additional tenants include apparel retailer Ashley Stewart, IHOP Restaurant, and Northwell Health, creating a lineup that spans grocery, dining, healthcare, and other service uses.
Cotsalas commented that supermarket-anchored centers similar to Springnex Plaza continue to attract solid interest from lenders in the current environment. The combination of 100% occupancy, long-standing community ties, and a tenant mix focused on essential goods and services underpins the property’s financing appeal. The transaction underscores ongoing capital availability for grocery-anchored retail with stable tenancy and established operating histories.
Springnex Plaza’s role as a local retail hub for Springfield Gardens is supported by its diverse roster of both national brands and local operators. The new financing arranged by Northmarq through Principal Financial Group provides ownership with capital backed by a durable rent roll and a long-term presence in the Queens market.
