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CRONHEIM MORTGAGE ARRANGES $32,000,000 FINANCING FOR CLEARMEADOW PLAZA IN EAST MEADOW, NEW YORK
EAST MEADOW, NY— Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $32,000,000 for a 208,069 square foot retail center located in East Meadow, New York. The loan was placed with Prudential Insurance Company, who Cronheim represents as the Pru Express advisor for New York and New Jersey, and has a term of 15 years and an amortization of 30 years.
The shopping center is anchored by a 117,335 square foot Wal-Mart and a 63,357 square foot Stop & Shop. Other tenants include Krispy Kreme, Electronics Boutique, CVS and JP Morgan Chase Bank. The site is approximately 14.88 acres and contains parking for 775 cars.
The Subject fronts Hempstead Turnpike (Route 24) at its intersection with Newbridge Road. The area benefits from easy highway access via both Route 24 and Newbridge Road. Route 24 is a major commercial corridor characterized by retail and office use, and surrounded by residential development. Good interstate highway access, in addition to an expansive commuter mass transportation system, provides residents of this region with easy access throughout the entire New York City metropolitan area. Within a five-mile radius of the subject property there are 505,966 residents living in 159,426 households. The annual household income averages $103,217 and the median house value is $302,618. Total retail sales within a five-mile radius are $8,455,400,144. |
