Cronheim Mortgage Secures $94.5 Million for Long Island Retail Portfolio

by Nate Hunter

Oceanside and Stony Brook, N.Y. — The three-property portfolio includes national tenants such as Lowe’s, Marshalls, Staples and Bed Bath & Beyond.

Oceanside and Stony Brook, N.Y. — Cronheim Mortgage has arranged $94.5 million in long-term, permanent financing for a three-property retail portfolio in Long Island. The three loans were placed with two of Cronheim’s life insurance company lenders. The 15-year, fixed-rate loans include 25-year amortization schedules and an average interest rate of 3.6 percent.

Situated on Long Beach Road, Oceanside Plaza is a 292,000-square-foot power center anchored by Waldbaum’s, Marshalls, Kohl’s, Michael’s and Bed Bath & Beyond. Brooktown I, II and III are located adjacent to one another on Nesconset Highway across from the Smithtown Mall in central Suffolk County. Anchors include Lowe’s Home Improvement, Walbaum’s, Marshalls/HomeGoods, Michael’s, AMC Loews Cinemas and Staples. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage arranged the financing on behalf of the borrower, a family investment company.

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