Ben Ashkenazy of Ashkenazy Acquisition Corporation successfully refinanced the Queens Center Mall's JCPenney building for $57 million with Bank Hapoalim. This transaction underscores the financial stability of premier retail assets attracting top-tier lenders.
—
Ben Ashkenazy of Ashkenazy Acquisition Corporation, headquartered in NYC, successfully refinanced the Queens Center Mall’s JCPenney building for $57 million with Bank Hapoalim. This transaction highlights the financial viability of premiere retail assets in the current market.
Ashkenazy Acquisition Corporation, known for their extraordinary retail portfolio, attracted over a dozen banks and institutional lenders competing for the project.
This financing is a testament that great retail combined with a strong sponsor continue to tap the debt capital markets even in these volatile times.
Queens Center Mall, located at the intersection of the Long Island Expressway and Queens Boulevard, attracts over 27 million visitors annually. The mall serves a high-density area with more than 2 million residents, making it one of the most visited retail locations in Queens.
The mall’s strategic location and extensive range of premiere retailers, including Zara, H&M, JD Sports, Apple, Cheesecake Factory and more, contribute to its prominence. The mall’s seamless integration into the surrounding community with strong tenant mix underlines its position as an attractive retail destination.
Queens Center Mall continues to serve as a crucial economic engine for the local community, providing a diverse array of shopping, dining, and entertainment options. The mall’s extensive visitor base supports local businesses generating significant economic activity.
Retail in NYC is one of the strongest sectors in the commercial real estate market. Bob Knakal, Chairman & CEO of BKREA, commented on this trend:
“The retail property market in New York City is definitely on the upswing. The sector was impacted years before other sectors were, but the general consensus is that rents have stopped falling, leasing activity has picked up, and, for several months now, investor demand is strong. Various property sectors are performing differently during this market cycle, and retail is certainly one of the brightest spots today,” he added.
This insight from Bob Knakal underscores the significance of the recent refinancing deal reflecting the broader positive trends in the NYC retail market.
About the company: Commercial Lending News is a media site providing updates about Commercial Real Estate, Lending, Commercial Loans, Banking, Finance, Interest Rates, REITS, Acquisitions and Technology affecting the industry.
Contact Info:
Name: Edward Winslow
Email: Send Email
Organization: Commercial Lending News
Address: 40 W 37th Street NY, NY 10018
Phone: 203-912-7244
Website: https://uscommerciallending.com/
Release ID: 89135522
In the event of any inaccuracies, problems, or queries arising from the content shared in this press release, we encourage you to notify us immediately at error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our diligent team will be readily available to respond and take swift action within 8 hours to rectify any identified issues or assist with removal requests. Ensuring the provision of high-quality and precise information is paramount to us.
