CRONHEIM MORTGAGE ARRANGES $9,975,000

FOR MIXED-USE CENTER IN NORWALK, CT

Norwalk, CT – Andrew Stewart and Dev Morris of David Cronheim Mortgage Corporation have secured financing of $9,975,000 for SoNo Square, a 93,068 square foot retail and office center in Norwalk, CT. The loan was placed for a 10-year term and has a 30-year amortization with a 5-year interest-only period.

The subject property is anchored by a 38,485 square foot Lillian August furniture store and warehouse under a long-term lease. Lillian August is a popular regional furniture retailer offering international furnishings and antiques at value prices. They currently operate stores in Greenwich, Dansbury, Farmington, and Orange, Connecticut. Other major tenants include a 10,000 square foot West Marine and a 4,000 square foot Little Gym.

The subject property is located off of Main Street along Water Street and Elizabeth Street in South Norwalk, Connecticut. Main Street travels north-south through Norwalk, providing access to Washington St/SR-136 less than a quarter mile to the north, and to I-95 via Exit 15 off of Reed Street three quarters of a mile to the northwest.

Norwalk has recently seen a surge of new development projects and revitalization among a number of retail, office, industrial, residential and mixed-use space. The Subject is poised to benefit from such projects, including: The Maritime, which consists of 197 units of housing and 61 condominiums, the SoNo Lofts, 45,000 square feet of mixed-use retail and residential space, and The Lock Building, a converted 100,000 square foot commercial building.