A New York-Based Asian Supermarket Group landed a $10.4 million loan for their acquisition of two retail properties located at 52 & 32 Jericho Turnpike, Mineola, Nassau County, NY for a total purchase price of $16 million. The 10-year commercial mortgage loan was provided by a Queens-based lender.
New York-based brokerage firm Jewel Capital’s Samuel Li and Shawn Shi negotiated the debt, which carries an ultra-low fixed-rate of 3.5 percent for the initial 5 years, with no prepayment penalty and a five-year extension option. The loan is being used toward the acquisition and renovations of the 66,535-SF properties.
The subject properties consist of a 59,015-SF vacant one-story plus basement neighborhood shopping center, a free-standing 7,520-SF Chase Bank Building with a long-term lease and 261 on-site parking spaces. The borrower intends to occupy the vacant retail building in its entirety and renovate the layout for a new Chinese food supermarket, the first one in the neighborhood. The two-story bank branch is 100% leased by Chase.
“Our client is a group of successful Chinese supermarket operators in Asian communities in for over 20 years. The group has a large footprint in the Northeast region including Queens, Brooklyn, Philadelphia,” Samuel said. “This is a very rare opportunity to acquire such a large piece of retail property and expand their supermarket presence in Long Island, which saw substantial increase of Asian population and still growing in recent years. Jewel Capital executed this transaction in the most seamless and effective way.”