Developers Secure $75M Loan for Queens Shopping Center Redevelopment
BTF Whitestone LLC has secured a $75 million loan from Acadia Realty Trust to acquire and redevelop the Key Food-anchored Whitestone Shopping Center in Queens. The property, purchased earlier this month for $56 million, includes tenants like JPMorgan Chase and Webster Bank. The financing was arranged by Northmarq and reflects strong lender interest in grocery-anchored retail assets despite broader tightening of commercial real estate lending conditions. Developers plan to reposition the 1955-built center into a modern neighborhood shopping destination, though specific redevelopment details have not been disclosed yet. This swift acquisition followed by financing highlights growing investor focus on upgrading aging outer-borough retail properties and underscores confidence in grocery-anchored centers as resilient assets amid shifting market dynamics.
Topics: Queens real estate market real estate financing shopping center redevelopment