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Voya Investment Management Provides $37.5M Bridge Financing For Mayfair Shopping Center In Commack
FINANCED
$37,500,000
New York
See Similar DealsRetail442,000 SF
Financed 12/04/2023
FINANCED
Voya Investment Management Provides $37.5M Bridge Financing For Mayfair Shopping Center In Commack
10 Jericho Turnpike & 2020 Jericho Turnpike
See Similar DealsRetail442,000 SF
Financed 12/04/2023
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$84
Total Square Footage:442,000 SF
Transaction Type:Loan
The Mayfair Shopping Center, located at 10-2020 Jericho Turnpike in Commack, Long Island, has secured a $37.5 million bridge financing from Voya Investment Management. The retail property spans 221,000 square feet and is situated on a 15-acre site.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $37,500,000
- Address: 10-2020 Jericho Turnpike
- Market: Commack
- Square Footage: 221,000
- Acres: 15
Voya Investment Management, a Connecticut-based life insurance company, provided the three-year bridge financing for the Mayfair Shopping Center. The landlord of the property is The Livingston Group. The loan was facilitated by Allison Villamagna and Andrew Stewart from Cronheim Mortgage.
It is important to note that Voya Investment Management's bridge financing will support the ongoing operations and development of the Mayfair Shopping Center in Commack, Long Island.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$37,500,000.00
Monthly NOI$250,000.00
Monthly Debt Service$237,025.51
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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