$5m construction loan

Real Estate Weekly, April 21, 2004

Spence Hill Associates has arranged construction and permanent financing totaling $5 million for Miller Place Commons, a shopping center located in Miller Place, Long Island, New York.

The financing was arranged on behalf of affiliates of Samuel M. Weissman, the principal of SMW Property Holdings, and Paul Elliott, the owner of Prudential Long Island Commercial Realty and Soundview Property Management, Inc. The financing was placed with a New York bank.

Miller Place Commons is located at the intersection of Route 25A and Pipe Stave Hollow Road in Miller Place, Brookhaven Township, Suffolk County, New York. The property is an existing 19,000 s/f shopping center that is being expanded via construction of an 11,000 s/f, stand-alone CVS and a 2,000 square foot Suffolk County Bank branch. Completion of construction is scheduled for Summer 2004. In addition, the property features approximately four acres of additional land for future development.

Michael H. Trauberman, Managing Director of Spence Hill Associates, negotiated the transaction.