CRONHEIM MORTGAGE SECURES $21,000,000 FINANCING FOR

INDUSTRIAL BUILDING IN NEWBURGH, NEW YORK

NEWBURGH, NY – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have arranged financing of $21,000,000 for a 504,875 square foot industrial building located in Newburgh, New York. The loan, which has a 15-year term and an amortization of 25 years, was placed with AIG, who Cronheim represents as correspondent and servicing agent.

The subject property is a single story warehouse facility occupied by C&S Wholesale Grocers, the largest food wholesaler in New England and second largest food wholesaler in the US. The building, which is of a tilt-up concrete construction with a stone façade, has ceiling heights of 40 feet clear of steel and column spacing of 42 feet by 52 feet.  Built in 1990, and originally occupied by Caldor, the now defunct retail chain, the property has one drive-in and 89 tailgate loading docks. The property is situated on a 50.51-acre parcel and contains parking for 250 automobiles and 360 trailers.

This facility provides warehouse services to the entire Key Food chain of grocery stores as well as numerous Stop & Shop stores in the region.  The property is ideally located near the intersection of Interstate 84 and the New York Thruway (Interstate 87), with frontage on I-84.  It is located 55 miles north of New York City, which is accessible via the New York Thruway. The property is situated across the street from Stewart International Airport, a premier state of the art private airport.