Cronheim Mortgage arranges $3.0MM for Long Island Retail Center
Medford, NY – Andrew Stewart, Dev Morris, and Allison Moravec have arranged $3.0 million in financing for Medford Plaza retail center located in Medford, Suffolk County, New York. The loan was was structured with a 10 year term and 30 year amortization for the borrower, Horseblock Road Associates, LLC.
Medford Plaza is a 68,853 sf shopping center comprised of three single-story retail buildings on an expansive lot. Since acquiring the property in 1997, the borrower has invested close to $1 million in capital improvements, renovating the façade, plumbing, roof work, and interior retail spaces themselves. Among the roster of approximately 14 tenants is Edible Arrangements, Medford Pastaria, Dunkin Donuts, and Island Recreation. The owner recently hired Breslin Realty to lease out the vacancy and help reposition the property.
The subject, is located on Horseblock Road in Medford, approximately one mile from Exit 63 on the Long Island Expressway. The Long Island Expressway is one of the most-traveled routes on Long Island, with an annual average daily traffic count of about 210,000 vehicles. Within the last decade, the town has experienced moderate population growth, spurring the development of new commercial properties.