Oceanside & Stony Brook, NY - David Turley, Anna Westhoff and Janet Proscia completed a three-closing, $94.5 million 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."
Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate projects in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with 12 institutional investors, mostly insurance companies, and currently services $2.0 billion of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.