The initial loan helped buy time for the developers, who were still finalizing the pre-lease and project design processes. Senior directors Robert Delitsky and Evan Pariser arranged both loans for Utopia Properties through conduit lender GMAC Commercial Mortgage. The construction loan is a two-year deal.
The new shopping center, located at the corner of Union Turnpike and Utopia Parkway, will be anchored by Barnes & Noble, Citibank and Thriftway Drugs with St. John's University serving as the lead tenant for the office portion. Parking will be provided by Imperial Parking.
Utopia Properties is a limited liability company headed by GII Construction Co. Since the late '90s, Holliday Fenoglio Fowler has capitalized debt, equity/structured finance and investment sales transactions totaling nearly $59 billion.
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