Infinity Real Estate Lands Financing for 76K SF Retail Center
Infinity Real Estate landed a $20.5 million floating-rate loan for the acquisition of the Shops at Richmond Avenue.
NEW YORK CITY- Infinity Real Estate landed a $20.5 million floating-rate loan for the acquisition of the Shops at Richmond Avenue. Bridge Investment Group provided the loan for the sale. Newmark Knight Frank arranged the transaction.
Located at 2505 Richmond Ave., the Shops at Richmond consist of two buildings totaling more than 76,000 square feet of retail space. The buildings are occupied by prominent national tenants, that include Dick’s Sporting Goods, Staples, Men’s Wearhouse, Vitamin Shoppe, Starbucks and Bank of America, almost all of whom have occupied the property for more than 20 years. The shopping center is located at the retail nexus of Staten Island and is the beneficiary of traffic generated by more than 2 million square feet of shopping within the immediate vicinity.
”The Shops at Richmond Avenue is positioned at one of the most trafficked locations in all of Staten Island with proximity to major roadways connecting the entire New York Metro Area. Due to a combination of major transportation links, a borough population of more than 450,000 residents, and the adjacent 1.25 million square foot Staten Island mall, we expect a healthy market and continued success for this property,” said NKF Vice Chairman and Co-Head the New York Debt & Structured Finance group Jordan Roeschlaub in a prepared statement.