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59-02 Borden Avenue
FINANCED

Ripco Secures $7.5M Refinance Loan For Retail Property At 59-02 Borden Ave. In NYC

59-02 Borden Avenue

Retail
12,552 SF
clock iconFinanced 1 year ago
Steven Sperandio
Jake Weiss
Michael Fasano
+ 2
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Summary

Loan
NEW YORK
Retail
12,552 sqft

The property at 59-02 Borden Avenue in New York City has recently undergone a loan transaction. The retail asset features a total area of 12,552 square feet. The property is owned by Sagamore Hill Partners and Gazit Horizons, and the lender for the loan is TD Bank. The loan amount secured for the property is $7,500,000, and it is a refinancing loan. The loan terms are as follows: 10 years, with a 4.73% interest rate. The loan initially offers a 3-year interest-only period, followed by a 30-year amortization schedule.

Summary of transaction details

Ripco's Head of Debt & Structured Finance, Steven Sperandio, along with his team, successfully secured the $7,500,000 loan for Sagamore Hill Partners and Gazit Horizons to refinance the retail property at 59-02 Borden Ave. The strategically located retail center, which is shadow anchored by Home Depot, is situated off LIE and Maurice Ave. It features prominent national retailers such as Chipotle, Jersey Mike's, and Smashburger as its tenants.

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Steven Sperandio's profile picture
Steven Sperandio
Ripco-image
Executive Managing Director, Debt & Structured Finance
$1.3M Sold
Michael Fasano's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Steven Sperandio, Michael Fasano, Jake Weiss & Brice Shafer DATE: 04/28/2023 ADDRESS: 59-02 Borden Avenue MARKET: New York City ASSET TYPE: Retail ~ SF: 12,552 LENDER: TD Bank (@TDBank_US) LANDLORD: Sagamore Hill Partners, Gazit Horizons BROKERS: Steven Sperandio (@StevenSperandio), Michael Fasano, Jake Weiss (@JakeWeiss6) & Brice Shafer - Ripco (@RipcoRealEstate) LOAN AMOUNT: $7,500,000 LOAN TYPE: Refinance LOAN TERMS: 10 Years, 4.73% Rate, 3-Years I/O followed by 30-Year Amortization NOTE FROM BROKER: RIPCO’s Head of Debt & Structured Finance Steven Sperandio and his team, secured a $7,500,000 loan for Sagamore Hill Partners & Gazit Horizons to refinance 59-02 Borden Ave. The Home Depot-shadow anchored inline retail center is strategically located off LIE, Maurice Ave. The Property’s tenants include high-powered national retailers such as Chipotle, Jersey Mike’s, and Smashburger.

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Address59-02 Borden Avenue

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