Cronheim Mortgage Secures $6.3MM for Net Leased CVS Property
Huntington, NY – Allison Moravec and Andrew Stewart have arranged permanent financing of $6,300,000 for a freestanding CVS Pharmacy located in Huntington, Suffolk County, New York. The rate was locked 3 months prior to closing, allowing the borrower to secure a competitive fixed-rate for 15 years, on a self-liquidating basis. The loan was structured for DML Properties, LLC, and was placed with National Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
The Subject is a 13,013 square foot, freestanding building, solely tenanted by CVS Pharmacy. The property is located on the southwest corner of New York Avenue and Hill Place. The area immediately surrounding the subject property is developed with a variety of restaurants and commercial properties, including a King Kullen grocery store located on an adjacent lot.
The subject is centrally positioned within a predominantly high-median income community which has allowed the property to remain competitive with very little nearby competition. Within a 3 mile radius of the subject property, the average household income is $140,000.