Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to a subsidiary of Kimco Income Operating Partnership, L.P. ("KIOP"), has arranged an $18 million non-recourse first mortgage loan that is secured by Forest Avenue Shopping Center in Staten Island, N.Y. KIOP, a joint venture between Kimco Realty Corp. and several institutional investors, owns 59 neighborhood and community shopping centers in 18 states around the country. The loan was provided by the U.S. banking subsidiary of an international financial company.
Forest Avenue Shopping Center is a 190,000-square-foot shopping center located on the north side of Forest Avenue between Barrett and Decker Avenues in a populous area with nearly 77,000 households within a 3-mile radius. The property opened in 1957 as Forest Avenue Shoppers Town and it was purchased by a subsidiary of KIOP in 2000. Long-term tenants include TJ Maxx, Michael's, CVS and Party City.
"This is a relatively low-leverage financing, but the loan has flexible pre-payment terms that were very attractive to Kimco and its partners," said Mark Ehlinger, a Cushman & Wakefield Sonnenblick Goldman managing director.