Michael X. Mattone Secures $32 Million Refinance For Retail Asset In St. Albans, Queens
184-04 Merrick Boulevard
$32,000,000
$333/SF
Building Size
96,071 SF
Asset Type
Retail
Closing
Aug 10, 2026
About this deal
AI
The retail asset located at 184-04 Merrick Boulevard in St. Albans, Queens, encompasses a total square footage of 96,071. The property was recently refinanced with a loan amounting to $32,000,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $32,000,000
- Address: 184-04 Merrick Boulevard
- Market: St. Albans, Queens
- Lender: Principal Real Estate Investors
- Landlord: Michael X. Mattone - Mattone Investors
- Loan Type: Refinance
- Previous Loan Amount: $30,000,000
- Previous Lender: FourLeaf Federal Credit Union
Michael X. Mattone, representing Mattone Investors, undertook the refinancing of the K6 retail building, replacing the earlier loan facilitated by FourLeaf Federal Credit Union with the new financing solution provided by Principal Real Estate Investors through Swiss Reinsurance America Corporation.
Players
Springfield Gardens Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93