New City, N.Y. — Cronheim has arranged a $33.3 million bridge loan for New City Center, a 128,801-square-foot center located in New City, approximately 30 miles north of Manhattan. Dev Morris, Allison Villamagna, Brandon Szwalbenest, and Andrew Stewart of Cronheim secured the three-year loan through Voya Investment Management on behalf of a JV partnership between KABR Group and BTF Capital Fund. The loan provided 75 percent of the total project costs, with additional future funding available for capital improvements.
Anchored by ShopRite, New City Center features a mix of tenants such as Sakura Japan, Bank of America, Smoothie King, Bubbakoo’s Burritos and Mangia Pizza, among others. New City Center has also recently undergone multiple renovations including exterior remodeling, new monument signage and the demolition of an obsolete structure to accommodate a new 4,000-square-foot medical pad building.