F inancial D igest
M id A tlantic Real Estate Journal —February 2023 — 11A
www.marej.com
501,907 s/f shopping center is in the Five Towns area of Nassau County, just east First American Title acquires title for 253-01 Rockaway Blvd., Woodmere, New York Houlihan-Parnes Realtors, LLC places $55M first mortgage on the Five Towns Shopping Cen ter W OODMERE, NY — James Hou- lihan and Bry-
a local bank for 10-year term with an interest-only rate of 5.42%. While we do live in a market with elevated inter- est rates, Houlihan-Parnes Realtors was able to negotiate beneficial terms should there be a shift in the market. Since 2017, the property has been anchored by The Goddard School of Westport, comprising over 65% of the space. Several smaller tenants include RE/MAX, GAC Ship- ping USA, and Chirag Shah Consulting. The borrower was represented by Elizabeth Smith and Cindy Albstein of Goldberg Weprin Finkel Gold- stein, and title insurance was provided by Wayne Baird of First American Title Insur- ance Company. MAREJ
of JFK In- ternational A i r po r t . The Center has a ro- bust tenant roster that i nc l udes L o w e ’ s Home Cen- ter, Stop &
an Hou- l ihan of Houlihan- P a r n e s Realtors, LLC an- nounced the placement of a first mortgage in the amount
James Houlihan Bryan Houlihan
Shop, TJMaxx, Ashley Fur- niture, Foot Locker, and Chick fil a. The borrower was represented by Eliza- beth Smith of Goldberg Weprin Finkel Goldstein LLP and title was acquired by First American Title . James Houlihan and An-
of $55 million on the Five Towns Shopping Center located at 253-01 Rockaway Blvd., Woodmere. The loan was placed with a local bank with a fixed rate of 5.75% for a term five years with 3 years Interest Only. The approximately
Five Towns Shopping Center
located at 20 Saugatuck Ave. in Westport, CT. Owned and operated by GHP Office Realty LLC, the 17,561 s/f building is fully leased and was acquired by the owners in 2014. The loan was placed with
drew Greenspan of Hou- lihan-Parnes Realtors, LLC and GHP Office Realty LLC announced the place- ment of $2.7 million of first mortgage financing on the class A mixed-use property
Cronheim Mortgage secures $11.5 Million for grocery anchored retail property located in Belleville, NJ
ELLEVILLE, NJ — Cronheim Mortgage has arranged $11.5 million in permanent financ - ing for a 70,450 s/f grocery- anchored shopping center located in Belleville. Alli- son Villamagna and Andrew Stewart secured the 12-year financing which amortizes over 25 years. The loan was placed with Farm Bureau Life Insurance Company , whom Cronheim represents as correspondent and servicer. The subject property is anchored by ShopRite who occupies 61,000± s/f and is complemented by a liquor store, Pizza Hut, and a jew- eler. The Subject underwent extensive renovations to bring in ShopRite after Pathmark vacated the center in 2010. This location is operated by Nutley Park ShopRite, Inc., who also operates the Shop- Rite in Nutley. The property has excellent visibility, with 840 feet of frontage, and great acces- sibility, with three points of ingress and egress along the north side of Washington Avenue. There is ample sur- face parking as well as an B
ShopRite anchored center located in Belleville, NJ
underground parking lot with capacity for over 140 vehicles. The underground lot is moni- tored by surveillance cameras and is serviced by a shopping cart elevator which provides direct access to the interior of ShopRite. Cronheim Mortgage has secured 75% LTC financing for the acquisition of The Cali- fornia Building in downtown New Orleans, LA. Originally an office building, the property
had been converted to class A multifamily. Currently, the units were leased as a combi- nation of both multifamily and short-term rentals due to the building’s unique advantage of holding a hotel license. The property is located adjacent to the French Quarter, Superdo- me and Tulane Medical Center providing an ideal location for both residents and visitors. The Sponsor, Servio Capital, plans to convert the building
to condos and sell units to both short term rental investors and owner occupants. The building’s unique ability to operate entirely as short-term rentals makes it an ideal in- vestment for those who want to enjoy part-time use of the units while also earning a re- turn by renting out their unit when not in use. David Turley , chief operat- ing officer of Cronheim Mort- gage , noted: “Capital markets
have changed dramatically in recent months. A compre- hensive marketing effort for debt is more important than ever, not only to ensure the best terms but also to create multiple options. We saw that pay off here when the initial lender ultimately could not get comfortable with the busi- ness plan and we were able to quickly pivot to another option without putting the Sponsor’s hard deposit at risk.” MAREJ
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