Cronheim Mortgage secures $12m for 115,000 s/f shopping center

Patchogue, NY Cronheim Mortgage has secured $12 million in financing for a 115,000 s/f grocery-anchored shopping center known as Sunwave Plaza.

One of Cronheim’s life company correspondents provided a long-term mortgage on the center which features King Kullen and Staples as anchors with local and national in-line and pad tenants creating an excellent tenant mix. The 10-year, non-recourse loan provided a rate lock at application fixed in the low 3%’s.

The property is very well located on Sunrise Highway in Patchogue, a densely populated community within Suffolk County. The property has consistently been well occupied since it was constructed in the early 1970’s.

This loan was closed in late 2020 when the impact of the COVID-19 pandemic was still being felt on retailers of all types. In spite of the general uncertainty, the lender was able to get comfortable with the grocery-anchored nature of the center along with the low debt basis.