Cronheim Mortgage secures $33.275 million bridge financing for 128,801 s/f New City Center

New City, NY Cronheim Mortgage has arranged $33.275 million of bridge financing for New City Center, a 128,801 s/f grocery-anchored shopping center. Dev Morris, Allison Villamagna, Brandon Szwalbenest, and Andrew Stewart arranged the financing on behalf of a JV partnership between KABR Group and BTF Capital Fund. The financing, structured with a three-year initial term and two one-year extension options, was placed with Voya Investment Management, LLC, whom the firm represents as a correspondent and servicer. The loan featured an initial funding of 75% of the total project costs, with additional future funding available for capital improvements and tenant improvements/leasing commissions.

The subject completed a comprehensive modernization program, featuring full façade renovations on three buildings, new monument signage throughout the property, and the demolition of an obsolete structure to accommodate a new 4,000 s/f medical pad building. Anchored by ShopRite, the center features a complementary mix of tenants, including personal services, banking, and food and beverage operators. The property has experienced strong leasing momentum in recent months, with new leases and renewals from Sakura Japan, Bank of America, Smoothie King, and ShopRite, among others. 

With these significant capital improvements and successful re-tenanting efforts, the subject is well-positioned to sustain strong performance for years to come.

New City Center is located off the Palisades Pkwy. in the county seat of Rockland County. Offering regional connectivity to the greater New York metro area, the property serves a local population of more than 67,500 residents within a three-mile radius. Its location in the county’s central business district, near the courthouse and other municipal buildings, provides access to several major roadways, including NY-304, the Palisades Pkwy., and I-287