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

40-31 82nd Street
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This Retail property located in NY received a loan of $73,000,000 over 3 years ago. The brokers of the deal were Alex Bailkin, Morris Betesh, and Justin Boruchov

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:

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.

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Deals
  • Location
    40-31 82nd Street40-31 82nd Street
  • Loan Value
    $73,000,000$73,000,000
  • Asset Type
    RetailRetail
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

Morris Betesh

Morris Betesh

Deals85
Financed$5.5B

Agency

Meridian Capital Group

Meridian Capital Group

Agency
Deals2414
Volume$65.9B

New York Community Bank

New York Community Bank

Lender
Deals87
Volume$ 316.6B

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Deal Summary

LOAN IMAGE: Justin Boruchov, Morris Betesh & Alex Bailkin DATE: 12/08/2020 ADDRESS: 40-31 82nd Street (The Shoppes at 82nd Street) MARKET: Queens ASSET TYPE: Retail LENDER: NYCB (debt) & REIT (preferred equity) LANDLORD: Sun Equity Partners & The Heskel Group BROKERS: Morris Betesh, Justin Boruchov & Alex Bailkin - Meridian Capital Group LOAN AMOUNT: $73,000,000 LOAN TERMS: $59MM Debt, $14MM Preferred Equity

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40-31 82nd Street

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