CRONHEIM MORTGAGE ARRANGES $12,000,000 FOR

WADING RIVER, NY – Frank Sullivan and David Turley of David Cronheim Mortgage Corporation have secured financing of $12,000,000 for Wading River Shopping Center, a 99,118 square foot neighborhood shopping center located in Wading River, Suffolk County, New York. The loan carries a 5-year term amortized over 30 years at an interest rate of 4.97%.

The subject is a retail community center anchored by King Kullen and CVS with 16 in-line tenants. Originally constructed in 1979, with a second phase completed in 2001, the center is currently 100% occupied. King Kullen occupies 39,600 square feet, with a 10,000 square foot expansion option, which it is likely to exercise. King Kullen is a privately owned family grocer with the largest market share of any grocer in Suffolk County. CVS occupies a 10,125 square foot outparcel with drive thru access under a lease that expires in 2022. The in-line tenants consist of strong local operators that provide a range of services typical of a neighborhood center.

Wading River Shopping Center is located on Route 25A, between Wading River Manor Road and North Country Road.  Route 25A is the main commercial corridor that runs east-west along the northern coastline.  The subject property is situated one mile east of Route 46, which runs north and south throughout the Island and is also less than three miles from the end of Interstate 495 (The Long Island Expressway).  The immediate area is characterized by residential development, scattered retail and small professional office use. 

The Town of Wading River encompasses 9.8 square miles in the northeast portion of Long Island, approximately 75 miles east of New York City.  Nestled between the Brookhaven State Park and Wildwood State Park, Wading River is an exclusive community. Wading River has a rapidly growing population of 8,374 residents.  The population from 2000 to 2006 increased by 25.58% and it is projected to increase an additional 14.81% by 2011.