WADING RIVER, NY – David Turley and Anna Westhoff have arranged permanent mortgage debt of $12,000,000 on behalf of Serota Properties for a grocery and drug-anchored shopping center located on Long Island’s north shore. The loan was placed with one of Cronheim’s insurance company correspondents.

The 99,100 square foot shopping center, which serves the small community of Wading River, is anchored by King Kullen and CVS. King Kullen, the nation’s first grocery store, is the market leader on Long Island and a strong performer in this location. Both King Kullen and CVS have solid sales histories and long remaining lease terms.

“We are pleased to have completed another deal with Serota Properties and a transaction which highlights the strong institutional capital demand for necessity retail,” said David Turley. “Sound real estate fundamentals and strong sponsorship helped overcome lender concern about the secondary location.” Anna Westhoff added: “Supply limitations created by the Long Island Pine Barrens Protection Act make this an irreplaceable asset. We are confident that this will be another successful mortgage loan to add to our servicing portfolio.”