CRONHEIM MORTGAGE ARRANGES FINANCING OF $14,000,000

FOR FOUR PROPERTIES IN CONNECTICUT

CT – John McCallum and Andrew Stewart of Cronheim Mortgage Corporation have arranged financing of $14,000,000 for four properties in Connecticut.

In Greenwich, Connecticut, $5,000,000 was arranged for 35 Mason Street, a 42,251 square foot, four-story office building situated on a 0.8372-acre parcel. The loan carries a 15-year term and a 25-year amortization at an interest rate of 5.63%. The property is 100% occupied by 18 tenants.  Each floor is multi-tenanted with various layouts.  The subject property is located just south of the intersection of East Putnam Avenue (US Route 1), in Greenwich, Fairfield County, Connecticut. U.S. Route 1 is a primary commercial east/west roadway, which runs parallel with I-95 and connects Greenwich with the City of Stamford to the east and the New York State border to the west.

In Glastonbury, Connecticut, $3,750,000 was arranged for 148 Eastern Boulevard, a four-story, 45,904 square foot Class B+ office building.  The property is 100% occupied by a variety of professional tenants, most of which are in the medical, insurance, and computer software industry. The loan carries a 10-year term, with two years interest only, followed by a 30-year amortization at an interest rate of 5.65%. The Subject is located on Eastern Boulevard, just north of Hebron Avenue (State Route 94).  SR-94 provides direct access to both State Routes 2 and 17, which are located within one-mile of the Subject.  SR-2 provides highway access into Hartford, where it intersects State Route 15 and Interstate 84, each of which connect to Interstate 91. 

Also in Glastonbury, $3,000,000 was arranged for 50-55 Nye Road. The property consists of one two-story and one single-story office building containing a total of 43,095 square feet.  The property is situated on 10.86-acre parcel and has parking for 176 cars. The loan carries a 10-year term, with two years interest only, followed by a 30-year amortization.  The subject is located just off of SR-2, a regionally important north-south thoroughfare that travels southeast from Hartford to Marlborough. The subject is also located within a half mile north of the New London Turnpike/Naubuc Avenue, which runs parallel to SR-2 from Hartford before connecting with SR-83 to the south.