CRONHEIM MORTGAGE ARRANGES
$9 MILLION ACQUISITION FINANCING

Property purchased by retirement plan secures long-term debt
 

Andrew Stewart and Anna Westhoff of Cronheim Mortgage have arranged permanent acquisition financing of $9,000,000 for a redeveloped Lowe’s-anchored retail center located in Derby, CT. The 19-year self-liquidating loan term features an interest rate of 4.85%. The loan was placed with a correspondent of Cronheim, which will service the loan.

In addition to Lowe’s which was previously a Kmart, the 168,803 square foot center features a freestanding Dollar Tree, Dunkin Donuts, Webster Bank and Burger King, all of which were longtime tenants of the site before Lowe’s took occupancy. The subject property enjoys a dominant location on commercial corridor New Haven Avenue/SR-34 and is located equidistant from nearby north-south thoroughfares SR-8 and the Merritt Parkway. Daily traffic counts at the subject property exceed 36,000 vehicles per day.

“This property will benefit from the stability of a newly-built Lowe’s and the upside inherent in the property’s long-term pad tenants who pay rents well below what a tenant would pay today,” said Andrew Stewart. “Long-term fixed-rate financing below 5% will also enable property ownership to maximize what is likely to be stable cash flow for the foreseeable future.”