CRONHEIM MORTGAGE ARRANGES $21,500,000 FINANCING FOR

SHOPPING CENTER IN SAYVILLE, NEW YORK

SAYVILLE, NY – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $21,500,000 for Sayville Plaza, a 137,738 square feet shopping center located in Sayville, New York.  The loan secured by the freestanding Bed Bath & Beyond has an interest rate of 5.48% while the loan secured by the remainder of the center has an interest rate of 5.53%.  Both have a 15 year term with an amortization of 30 years.

Built in 1990, Sayville Plaza consists of a 42,000 square foot freestanding Bed Bath & Beyond and 95,738 square feet of existing retail space.  The existing space is 100% occupied and is comprised entirely of nationally-recognized brands including Babies R Us, Old Navy, Panera Bread, Pier I, JP Morgan, Modell’s, Vitamin Shoppe and Sprint.

The property is located on the northbound service road of Sunrise Highway between Exits 49 and 50 in Sayville, Suffolk County, New York.  Sunrise Highway/SR-27 is a major area thoroughfare and commercial corridor that runs roughly the length of the southern coast of Long Island, New York. Within a three-mile radius of the property, there reside 68,258 people in 23,987 households, which have an average income of $91,183 per annum.