Northmarq completes $26M refinance of Sunrise Promenade in Massapequa Park, NY
MASSAPEQUA PARK, N.Y. (Nov. 14, 2024) — Managing Director Ernest DesRochers and Senior Director Charles Cotsalas of Northmarq’s New York Debt + Equity team secured the $26 million refinance of Sunrise Promenade Shopping Center. The 165,922-sq.-ft. grocery-anchored retail shopping center sits in the Massapequa Park section of Long Island, New York.
The property was completely repositioned by the borrower over the past few years including the addition of its anchors, Whole Foods and Hobby Lobby. Northmarq was able to complete a 10-year life company execution for the sponsors because of both the quality of the tenancy and the ownership.
Located at 5278 Sunrise Hwy in Long Island, Sunrise Promenade features strong, national retailers. The multi-tenant retail center is well-positioned along New York State Route 27, also known as Sunrise Highway.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
