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NATIONAL FOOTPRINT

Backed by a century’s worth of knowledge and expertise, Cronheim Mortgage provides a vast array of real estate services, including debt and equity for investment grade real estate. By leveraging the strong correspondent and/or servicing relationships we have cultivated with our institutional investors, including many insurance companies, we have continuously had access to substantial debt and equity capital to invest in quality real estate at pricing well below alternative sources, especially for long-term debt. We stand out from our competitors with our strong debt servicing portfolio, currently in excess of $2,000,000,000.  Moreover, through our Channel Real Estate Funds affiliate, we have efficiently and cost-effectively provided mezzanine and equity capital for numerous real estate assets. We have placed debt/equity and serviced in 30 states, and continue to capitalize on new opportunities.

REPRESENTATIVE TRANSACTIONS

To view more of our hospitality representative transactions, please visit our hospitality branch, CRONHEIM HOTEL CAPITAL, at http://www.chccapital.com/

Cronheim Mortgage Secures $37.5M Financing for Long Island Grocery-Anchored Shopping Center



Cronheim Mortgage has arranged $37.5M of bridge financing for the Mayfair Shopping Center, a grocery-anchored retail shopping center located in Commack, New York. Andrew Stewart and Allision Villamagna arranged the financing on behalf of The Livingston Group, a real estate investment firm specializing in retail, multifamily, and hospitality investments in key markets across the United States.



The financing was provided by Voya Investment Management, one of Cronheim Mortgage’s life insurance company partners. Cronheim Mortgage acts as a correspondent and servicer for Voya, a relationship that allows for enhanced certainty of execution, a smoother closing process, and a loan servicing function to properly implement construction draws and redevelopment plans. In this instance, Cronheim secured a 3-year term, two additional 1-year extension options, and open prepayment after just 18 months. Additionally, the Cronheim Team ensured additional funds for CapEx and TI/LC would be made available to the Borrower as the property continued to secure new tenants. This structure provided the Borrower with the significant flexibility needed to efficiently manage an ever-evolving property during a rapidly changing economic environment.


The Mayfair Shopping Center is a sprawling 221,000 square foot grocery-anchored shopping center with an attractive tenant base featuring Lidl, Planet Fitness, and the PGA Superstore, among others. Situated on a 15+ acre lot with nearly 1,300 parking spaces, the substantial property is a mainstay along Long Island’s Jericho Turnpike, one of the area’s primary retail arteries. With average daily traffic volumes approaching 30,000, tenants at the Mayfair Shopping Center receive ample visibility, resulting in a number of long-term tenancies. It is one of the oldest open air shopping centers in the country.


The property and its tenant base benefit strongly from the exceptional demographics in and around Commack, New York. Upwards of 70,000 individuals reside in the three-mile area surrounding the property, with an average annual household income of over $185,000. This high concentration of remarkably strong consumers with close proximity to the property was a key factor in the lender’s decision to provide financing for this particular project.



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