Cronheim Mortgage Secures $94,500,000 for Long Island Anchored Retail Portfolio
Oceanside & Stony Brook, NY – David Turley, Anna Westhoff and Janet Proscia completed a three-closing, $94,500,000 transaction by arranging long-term, permanent financing for a three-property, grocery and home improvement-anchored retail portfolio in Long Island. The loans were placed with two of Cronheim’s life insurance company lenders and structured with 15-year fixed rates and 25-year amortization schedules. The loans were locked at an average rate of 3.68%.
The properties – some 810,000 SF in three centers – dominate the retail landscape in the communities of Oceanside and Stony Brook, Long Island. Situated on Long Beach Road, Oceanside Plaza is a 292,000 SF power center anchored by Waldbaum’s, Marshalls, Kohl’s, Michael’s and Bed Bath & Beyond. It is the dominant retail center between Rockville Centre and Long Beach, a trade area of nearly 300,000 residents.
Brooktown I & II and Brooktown III are located adjacent to one another on Nesconset Highway across the street from the Smithtown Mall in central Suffolk County. Anchors include Lowes Home Improvement, Walbaum’s, Marshalls/HomeGoods, Michaels, AMC Loews Cinemas and Staples. The properties’ 5-mile trade area is home to an estimated 220,000 residents.
“This transaction was a service-driven assignment with a long-term client,” noted Turley. “We provided strategic input in addition to capital sourcing with the aim of helping a family investment company secure assets for the next generation.”
“The investment grade nature of the assets and the conservative leverage were a great fit for our correspondent lenders,” added Westhoff. “Our high-touch marketing efforts paid off with amazing financing terms secured for the client.”