DOBBS FERRY, N.Y.—Cronheim Mortgage recently placed an $8.2 million permanent loan on a 53,878-sq.-ft. retail building located on the Saw Mill Parkway in Westchester County’s Dobbs Ferry, N.Y. The property is a four-story retail center anchored by New York Sports Club (NYSC). The 12-year non-recourse loan was placed with one of Cronheim's bank relationships. The rate was locked for seven years at 3.85 percent.
"This is a unique asset for its suburban location," Cronheim’s David Turley said in a statement. "Most lenders steer clear of multi-story retail formats outside of core urban areas. However, this property has a compelling story and deserved serious consideration. It is located at a signalized intersection on the Saw Mill Parkway where 60,000-plus cars pass by a day. It is one of the best amenitized sports club facilities in Westchester County—one of only three with both sports courts and a pool. NYSC added a beautiful interior fit-out and successfully operates this as one of the top 15 locations in the chain."
Cronheim’s Anna Westhoff, who worked with Turley on the transaction, added in a statement: "In spite of its unique features, it's still an unconventional suburban retail asset anchored by an unrated fitness center. We overcame some initial market reluctance to secure several attractive offers. After one of our bank relationships showed serious interest, we arranged property inspections and meetings between the borrower and committee members to build support for the credit approval. The bank eventually approved it as a non-recourse loan with carve outs only to the borrowing entity. The client was thrilled."