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

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

• Property Type: Retail
• Transaction Amount: $7,500,000
• Lender: TD Bank
• Landlord: Sagamore Hill Partners, Gazit Horizons
• Brokers: Steven Sperandio, Michael Fasano, Jake Weiss & Brice Shafer - Ripco

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.