Mattone Investors acquires $24M in debt secured by Mattone’s Springfield Gardens shopping center

Mattone Investors through its Medici Capital acquired $24 million in debt from the Principal Life Insurance Company secured by the shopping center with parking facilities (K6) at 134-40 Springfield Boulevard in Springfield Gardens, Queens, which is owned by Mattone Investors. The deal closed on July 1, 2020 and was recorded on July 8, 2020.
The property contains a total of 96,071 square feet of built space. The property has 241,963 square feet of available development rights.

Mattone Investors through its affiliate Medici Capital, acquired the $24 million in debt the company owes on the property through a fee mortgage and a leasehold mortgage.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $370,654.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link