Listen to this articleThe owners of a Long Island shopping center have announced its refinancing and several new tenant signings.
The 188,109-square-foot Soundview Marketplace in Port Washington will soon welcome five new tenants, including a new 2,000-square-foot Starbucks, a 1,668-square-foot Crumbl Cookies, a 4,303-square-foot Eden Nail Spa, a 1,094-square-foot GNC store and a 1,728-square-foot Woof Gang, a dog bakery and grooming chain.
The new businesses will join the growing tenant roster at the 11-acre Soundview Marketplace, that includes Target, TJ Maxx, Walgreens, West Marine, Five Below, F45 and Ace Hardware.
In addition, the shopping center’s ownership, a joint venture between Boca Raton, Fla.-based PEBB Enterprises and Manhattan-based Sagamore Hill Partners which acquired the property in Dec. 2020, closed an $18.75 million refinancing of the retail complex. Deutsche Bank AG provided the loan with $15.75 million as an initial advance and $3 million for future funding for capital improvements and leasing costs.
“We take great pleasure in bringing best-in-class retailers to Port Washington,”Mark Kaplan, co-founder and principal of Sagamore Hill Partners, told LIBN. “By attracting new tenants to the property, we’re ensuring that Soundview Marketplace is the top shopping destination in the area.”
The Port Washington shopping center was only about 50 percent occupied when the current ownership purchased the property. PEBB and Sagamore Hill have made significant enhancements to the center and attracted many new tenants, bringing occupancy up to 80 percent.
“Soundview Marketplace has been a great addition to our portfolio,” PEBB Enterprises CEO Ian Weiner said in a company statement. “We have been successful in our efforts to improve the shopping center and attract high-quality national tenants that fit the aesthetic of the surrounding community in Port Washington.”
RIPCO Real Estate oversees the leasing and property management of Soundview Marketplace on behalf of ownership, who also retained RIPCO Debt & Structure Finance for the refinancing, led by Steven Sperandio, along with analyst Jake Weiss, according to the statement.
