NEW YORK CITY-The strength of drugstore-anchored retail on Staten Island's North Shore is continuing to hold steady in the borough, as evidenced by a highly trafficked strip mall getting some new financing. Cushman & Wakefield Sonnenblick Goldman arranged an $18 million non-recourse first mortgage loan for Forest Avenue Shopping Center, a 190,000-square-foot property owned by New Hyde Park, NY-based retail REIT Kimco Realty Corp., GlobeSt.com has learned.

Under the deal, C&W served as the exclusive advisor to a subsidiary of Kimco Income Operating Partnership L.P. The loan was provided by the US banking subsidiary of an international financing company.

“This is a relatively low-leverage financing, but the loan has flexible pre-payment terms that were very attractive to Kimco and its partners,” says Mark Ehlinger, a managing director at C&W Sonnenblick Goldman.