CRONHEIM MORTGAGE ARRANGES $24,000,000 FINANCING

FOR POST ROAD PLAZA IN PELHAM MANOR, NY

New, 75,000 SF Fairway Market Anchors 268,172 SF Retail Property

PELHAM MANOR, NY - Andrew Stewart, Dev Morris, and Anna Westhoff have arranged permanent financing of $24,000,000 for Post Road Plaza located in Pelham Manor, New York.  The financing was arranged on behalf of an entity affiliated with North Plainfield, NJ-based Levin Management. The loan has a 10-year term amortized over 25 years.  Cronheim originated the financing and will now act as servicer and correspondent for the lender. 

The recently renovated property, on US1/Boston Post Road at Pelham Parkway, is anchored by a new 75,000 square foot Fairway Market which opened in April 2010.  This is only the seventh Fairway Market to open and offers its customers an extensive array of the freshest produce, prepared foods, and quality specialty grocery items as well as an adjacent, 6,500 square foot wine and liquor shop. Fairway Market opened its first store in the mid-1930s as a fruit and vegetable stand on Broadway and 74th Street in Manhattan. This is their largest store and now serves as the company flagship.  Other tenants of the newly renovated and repositioned center include Marshalls Mega Shoe Shop, Citibank, Modell's and Dress Barn, among others. "We are confident that the combination of Levin Management, which is known for retail property management, Fairway as an anchor and this superior location will result in a successful shopping center for years to come," said Andrew Stewart, CEO of Cronheim Mortgage.

Located just off Exit 7 of the Hutchinson River Parkway and ½ mile north of exit 14 on I-95, the Subject is situated at the busy intersection of Pelham Parkway and Boston Post Road in Pelham Manor, Westchester County, New York. Constructed between 1966-1967 and renovated in 2009, the subject property encompasses 268,000 square feet in 4 buildings. Approximately 97,845 square feet is second level space, which is accessible through a separate entrance with elevator access.  This space has always drawn strong interest from tenants, which will only increase now that Fairway is drawing record numbers of shoppers to this site.