Cronheim Mortgage secures $15.95 million permanent
loan for Riverhead Medical Office Park

Riverhead, NY Cronheim Mortgage has secured $15.95 million of financing for the acquisition of a medical office park. Andrew Stewart and Brandon Szwalbenest of Cronheim Mortgage, in conjunction with Gregg Singer of Singer Financial, placed the financing with one of Cronheim Mortgage’s life insurance company relationships. The fixed-rate permanent loan featured attractive pricing, moderate leverage (67% LTC), and prepayment flexibility over the final two years of the term.

Riverhead Medical Office Park is made up of six one-story buildings totaling 101,949 s/f. The property, which was 100% leased at closing and is occupied by an tenant base including nine medical services tenants, featuring the NYU Grossman School of Medicine, NYU Langone Medical Association, Stony Brook University Hospital, South Oaks Hospital, and Rise Life Services. The office park is located along the south-east side of Main St. (Rte. 25), allowing tenants access to the site. The property is also located two miles from Peconic Bay Medical Center, one of the largest hospitals in eastern Suffolk County, and serves as the Eastern hub of Northwell Health, one of the largest healthcare organizations in New York.

Cronheim Mortgage and Singer Financial secured the long-term, fixed-rate financing on behalf of Candor Capital, a real estate investment partnership based in Miami. Candor owns and operates 40+ properties throughout the country spanning the medical/healthcare, multifamily, retail, office, and industrial asset classes. The company has originated and participated in more than $1 billion in acquisitions, development, and bridge loans over the last 20 years.