Voya Investment Management Provides $37.5M Bridge Financing For Mayfair Shopping Center In Commack
10 Jericho Turnpike & 2020 Jericho Turnpike
$37,500,000
$84/SF
Building Size
221,000 SF
Asset Type
Retail
Closing
Dec 4, 2023
About this deal
AI
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.
On the Map
$37,500,000
$84/SF
Retail
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Players
Commack Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93