X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

MASSAPEQUA PARK, NY-GE Real Estate has provided a $30-million loan to Kabro Associates to refinance its Southgate Shopping Center here. The loan is structured with $10 million in fixed-rate initial funding and a $20-million revolving line of credit. The transaction was brokered by Chatham, NJ-based David Cronheim Mortgage.

Located in an affluent Long Island community, the 117,000-sf property is 96% leased to 26 tenants, including a King Kullen grocery anchor. This was GE Real Estate’s first deal with Kabro Associates, which develops and manages commercial and residential properties and has owned the neighborhood shopping center for more than 20 years.

“Despite all the turmoil and re-pricing activity in the debt market, GE Real Estate gave our client a financing solution that remained true to the original terms,” says Andrew Stewart, CEO of David Cronheim Mortgage. “We were impressed by GE’s ability to provide the certainty of execution that has become even more critical to success in today’s volatile environment.”

David Cohen, regional director of northeast, for GE’s Real Estate’s North America Lending division adds “with strong sponsorship, a committed and experienced owner and excellent market demographics, this was an attractive lending opportunity.” Cohen also noted that the company has a “healthy balance sheet,” and we continue to actively pursue deals that align with its value-add approach.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.