Riverhead, New York

• Why Riverhead? Proximity to Shopping and Dining. Riverhead boasts an eclectic mix of shopping destinations, from high-end boutiques to charming local shops. The Tanger Outlets, one of Long Island's premier shopping centers, draws visitors from across the region, offering over 100 brand-name stores. When it comes to dining, Riverhead is a gastronomic delight. The area is home to an array of restaurants that cater to every palate. Whether it's fine dining at places like The Preston House & Hotel or casual bites at Jerry & The Mermaid, there's something to satisfy all culinary cravings. Accessibility and Connectivity One of Riverhead’s standout features is its unparalleled accessibility. Located just off the Long Island Expressway (LIE), it offers easy commutes to New York City and other key locations. For those who prefer public transportation, the Riverhead station on the Long Island Rail Road (LIRR) makes getting around a breeze. Growing Residential Market The real estate market in Riverhead is on an upward trajectory. With new housing developments and increasing demand for both single-family homes and apartments, the area presents a lucrative opportunity for real estate investors. The combination of suburban charm and proximity to urban amenities makes Riverhead particularly attractive to young professionals and families. Vibrant Community and Lifestyle Riverhead is more than just a place to live—it's a community. From the bustling downtown area to the serene Peconic River, the town offers a quality of life that's hard to beat. Local attractions like The Long Island Aquarium, Splish Splash Water Park, and the Vail-Leavitt Music Hall provide endless entertainment options. Additionally, the nearby vineyards and farms add a unique, rural charm to the area. Economic Development Riverhead is experiencing significant economic growth, driven by both public and private investment. The Riverhead Industrial Development Agency (IDA) actively works to attract and retain businesses, offering incentives that make it an appealing location for new ventures. This focus on economic development ensures a robust infrastructure and a thriving business environment.
• Bridge Loan Sponsors are seeking a bridge loan of $350,000 to acquire the property. Loan shall be interest only 12% per annum, with a 6 month minimum interest earned to the lender. Prepaid interest will be deducted from loan proceeds at closing. Sponsors are trying to acquire the adjacent lot from seller which the seller believes the development rights have been sold. Sponsors are verifying with the town. If the sponsors can get both lots the sponsors feel the property will be worth more and sell as combined in the $665,000 price range. The target acquisition price for the vacant lot is $50,000 or less.