Cronheim Mortgage secures $10 million financing for 87,813 s/f BJ’s Wholesale Club

Bellport, NY Cronheim Mortgage has secured $10 million of financing for the 87,813 s/f BJ’s Wholesale Club. Brandon Szwalbenest, Andrew Stewart, and Dev Morris placed the financing with one of Cronheim’s life insurance company relationships. The 10-year fixed-rate permanent loan featured attractive pricing and prepayment flexibility over the final two years of the term.

Founded in 1984, BJ’s Wholesale Club is an American membership-only warehouse club chain with 7.5 million members across 250 locations in 22 states. The company maintains an investment grade BBB (Stable) credit rating from Fitch Ratings. BJ’s, which has occupied the space since 2014, recently signed a new long term net lease along with several additional renewal options.

The village is located on Long Island’s South Shore in Suffolk County. The subject is located off Exit 56 of Sunrise Hwy. (71,285 AADT), a major east-west thoroughfare across Long Island, and benefits from prime frontage along both Sunrise Hwy. South Service Rd. and Station Rd. The site is also directly across from Bellport Outlet Stores, a 124,000 s/f shopping center featuring Famous Footwear, GAP, Carter’s, and The Home Depot.

Based in Fort Lee, NJ, The Mack Company owns and manages a legacy portfolio six million s/f of industrial, retail, and office properties as well as many multifamily assets. The Mack Company properties are located primarily in Northern and Central New Jersey, New York City and State, a variety of other locations nationwide, all of which have long proven to be among the nation’s strongest commercial real estate markets. The Mack Company legacy portfolio represents the real estate that the Mack Company continued to hold following the 1997 merger of 54 class-A office properties along with the Cali Realty Corp. eventually resulting in the creation of Mack-Cali Realty Corp.