CRONHEIM MORTGAGE ARRANGES $5,212,000 FINANCING
FOR RETAIL CENTER IN MERIDEN, CONNECTICUT
MERIDEN, CT – Andrew Stewart and Lisa
McMahon have arranged permanent financing of $5,212,000 for a retail strip
center located in Meriden, Connecticut The loan, which represents 72% of the
appraised value, has a 10-year term amortized over 25 years at an interest
rate of 5.64%.
subject property, constructed in 2007, consists of a multi-tenanted retain
building and a free-standing bank branch totaling 26,469 square feet. The
center is leased to a variety of regional and national tenants including
Starbucks, Cold Stone Creamery, AT&T, Aspen Dental, Hair Cuttery, Fed
Ex/Kinko’s, Liberty Travel, and Pizza Hut. The property is shadow-anchored
by Townline Square, a 312,809 square foot community center, with tenants
including Old Navy, Chuck E. Cheese’s, Burlington Coats, Marshall’s, Shop
Rite, and Pier One, located directly across the street.
The subject is located on Broad St/Route 5, roughly one-mile north of Exit
66 of the Wilbur Cross Parkway. Route 5 is a major commercial thoroughfare
that travels north/south, connecting with I-691 two and a half miles to the
north at Exit 8. Known as Connecticut’s silver city, Meriden was once a
community dominated by manufacturing. The town has now become a thriving hub
of business and industry. Situated between Hartford and New Haven and at the
intersection of Interstates 91 and 691, as well as the Merritt Parkway
(Route 15) and Route 5, Meriden benefits by extremely convenient access to
major interstates and travel routes that pass throughout New England.