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.