CRONHEIM MORTGAGE ARRANGES $9,030,000 FOR

RETAIL & OFFICE BUILDING IN WESTPORT, CONNECTICUT

WESTPORT, CT – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $9,030,000 for 87 Post Road East, a 14,380 square foot two-story retail and office building located in Westport, Connecticut. The loan was placed for a 10-year term and 30-year amortization and carries an interest rate of 5.575%.

Previously an old-fashioned bank branch with vaulted ceilings, complete with arched windows and wood moldings, the subject property underwent a complete gut-renovation. Patagonia, a leading retailer of designer outdoor gear and clothing with locations worldwide, now occupies 7,780 square feet on the first floor under a new 10-year lease.  Their space features 25-foot ceilings and Palladian windows.  Another 2,800 square feet space on the ground floor is leased to a local restaurant, Zest.  The remaining 3,800 square feet consist of second-story office space, which has been leased to two local businesses. 

The subject property is located at the intersection of Post Road East and Church Lane, in the heart of the Central Business District of Westport.  The subject’s neighborhood is considered the downtown area of Westport and is characterized by a high density of retail and office development.  This is a high-end retail area catering to pedestrian traffic.  The subject is located on Post Road (Route #1), a heavily traveled commercial roadway connecting Westport with Fairfield to the east and Norwalk to the west.  

Westport is an extremely desirable and prestigious waterfront community in Connecticut.  The town is located in the south central section of Fairfield County, approximately midway between New York City to the west and New Haven to the east. The town is well served by highway arteries with ready access to Interstate-95 and the Merritt Parkway.  The Merritt Parkway traverses Westport through its northern section and I-95 parallels the Long Island Sound and runs through the southern portion of the town.