(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.

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