CRONHEIM MORTGAGE SECURES $21,500,000 FINANCING

FOR AVON MARKETPLACE IN AVON, CONNECTICUT

AVON, CT – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have arranged financing of $21,500,000 for a 79,107 square foot lifestyle center located in Avon, Connecticut. The loan has a term of 10 years and a 30-year amortization. Built in 1994 and expanded in 2001, the lifestyle shopping center includes two buildings located on a 17.29-acre site. Both buildings are completely occupied and include tenants such as Banana Republic, Express, Sharper Image, Victoria’s Secret, and Starbucks. The center contains 455 parking spaces, and has superb frontage, visibility and access.

The shopping center is located on the westbound side of U.S. Route 44, approximately 9 miles west of Hartford on the Avon/Simsbury town line. U.S. Route 44 is a major four-lane roadway that serves as the primary traffic artery in the area, providing direct access from Hartford’s affluent western suburbs into the capitol city. The heavy retail use in this area can be attributed to the underlying characteristics of the surrounding neighborhoods, including the dense population and the high average household income.