Sun Equity Partners And The Heskel Group Acquire Retail Property In Queens For $73M

The Shoppes at 82nd Street, located at 40-31 82nd Street in Queens, was involved in a recent closed transaction. This retail property was the subject of a loan deal. The loan was secured from NYCB for a total amount of $73,000,000. The loan terms included $59,000,000 in debt and $14,000,000 in preferred equity. The property is owned by Sun Equity Partners and The Heskel Group.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $73,000,000
• Address: 40-31 82nd Street
• Market: Queens
• Lender: NYCB (debt) & REIT (preferred equity)
• Landlord: Sun Equity Partners & The Heskel Group
• Brokers: Morris Betesh, Justin Boruchov & Alex Bailkin - Meridian Capital Group

Morris Betesh, Justin Boruchov, and Alex Bailkin from the Meridian Capital Group played a significant role as brokers in facilitating this loan transaction for The Shoppes at 82nd Street. The involvement of NYCB as the lender and REIT as the provider of preferred equity demonstrates the financial backing behind this deal.