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Milbrook Scores $30M in Acquisition Capital

BAY SHORE, NY-GE Real Estate supplies a $30.1-million, 10-year fixed-rate loan for the acquisition of Long Island's 118,000-sf Bay Shore Shopping Center.

By Natalie Dolce | Updated on July 27, 2007

BAY SHORE, NY-GE Real Estate has provided a $30.1-million, 10-year fixed-rate, interest only loan, at 80% LTV, to Milbrook Properties Ltd. for the acquisition of the 118,000-sf, grocery-anchored Bay Shore shopping center. The property is located on the Montauk Highway, a major high-traffic Long Island thoroughfare.

The Bay Shore shopping center is 100% occupied, anchored by a newly expanded and remodeled 60,000-sf Super Stop & Shop supermarket. In addition, the property boasts regional and national tenants, including Eckerd, Dunkin’ Donuts and Blockbuster.

This transaction demonstrates the emphasis GE Real Estate places on building strong customer relationships. “GE rate-locked this deal even though we were in the middle of the sub-prime lending implosion,” says the broker, Paul Greenbaum of GCP Capital Group LLC.

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