CRONHEIM MORTGAGE ARRANGES $26,000,000 FINANCING FOR

SHOPPING CENTER IN NORTH HAVEN, CONNECTICUT

NORTH HAVEN, CT – Andrew Stewart and Dev Morris have arranged financing of $26,000,000 for a 149,875 square foot shopping center located in North Haven, Connecticut. The loan has a term of 10 years and a 30-year amortization.

Built in 2004, the shopping center includes three one-story buildings located on a 15.57-acre site. The Sports Authority and Michael’s Craft Store anchor the center and smaller tenants include Panera Bread, The Bombay Company, and Payless Shoes.  Also anchoring the center is a Target, however they own their parcel of land and the improvements. The center’s parking lot accommodates 1,087 vehicles.

The property occupies an advantageous location, as it is the first major property off Exit 9 of Interstate 91, in the town of North Haven. Interstate 91 offers easy highway access to the city of New Haven, CT, located 4 miles south of the shopping center. At New Haven, I-91 intersects I-95, a major interstate that runs north-to-south along the eastern seaboard. Universal Drive is a well-developed retail strip area; as a result, the property sits in close proximity to a range of retailers. North Haven is a suburban residential community with a healthy and growing commercial, retail, and manufacturing base.