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Kimco’s Forest Ave. Shopping Center Gets $18M Loan

NEW YORK CITY-Cushman & Wakefield Sonneblick Goldman served as the exclusive advisor to the Long Island based-REIT on the financing for the 190,000-square-foot shopping center, anchored by TJ Maxx.

By Jacqueline Hlavenka | Updated on March 16, 2012

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.

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