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Deals & Dealmakers

Levin bags $30M mortgage for shopping center

Cronheim Mortgage has arranged $30 million in permanent financing for Post Road Plaza, a 257,593 s/f regional shopping center located in the Village of Pelham Manor, New York.

The 15-year loan amortizes over 30 years and was placed with Transamerica Financial Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was locked 90 days prior to closing.

Post Road Plaza has a two-story primary retail strip, a one-story secondary strip, and three outparcel buildings.

The shopping center was originally developed in the early 1960s and was completely redesigned to modern standards by the property’s leasing and managing agent, Levin Management Corporation (LMC), following demographic shifts and anchor tenant turnover.

Originally, this property had EJ Korvette, a New York discount department store chain, as an anchor. Since then, the complex has undergone ambitious repositioning, renovation and re-tenanting.

The center is now anchored by a 75,000 s/f Fairway supermarket and liquor store and also features Dave & Buster’s, 24 Hour Fitness, Modell’s, HomeGoods, Lane Bryant, Panera Bread, Sally Beauty Supply, Smashburger, Visionworks, and Dress Barn, among others.

Post Road Plaza is located directly at the junction of US 1, Pelham Parkway and Exit 7 of the Hutchinson River Parkway in Westchester County.

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