Cosentino Companies Acquires 100% Ownership Of Crooked Hill Commons With $36M Recapitalization Loan

The asset involved in this transaction is Crooked Hill Commons, located at 45, 65, and 85 Crooked Hill Road, with a total square footage of 360,275. The property operates within the Suffolk County & Long Island market and has recently been recapitalized through a loan amounting to $36,000,000 for the acquisition of the remaining 50% ownership interest, leading to full ownership of the property.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $36,000,000
• Loan Amount: $36,000,000
• Loan Type: Recapitalization
• Loan Terms: 3-year, interest-only loan
• Lender: Provident Bank
• Landlord: Christine Cosentino, Michael Cosentino, Peter Cosentino & Peter Cosentino Jr - Cosentino Companies & PJ Venture II
• Tenants: Walmart, Kohl’s, Home Depot
• Ownership Interest: 100%
• Market: Suffolk County & Long Island

The key individuals behind the transaction include Christine Cosentino, Michael Cosentino, Peter Cosentino, and Peter Cosentino Jr, who collectively represent Cosentino Companies. This strategic acquisition enhances their standing as one of the largest commercial retail owners in Smithtown, allowing them to fully operate Crooked Hill Commons, which is significant for the local retail landscape.