Cronheim Mortgage has secured $8,000,000 for the refinancing of a 27,000 square foot retail building located at 125 Main Street in Westport, Connecticut. Andrew Stewart and Dev Morris secured the financing from a local bank on behalf of a private family partnership. The loan featured an attractive set of terms including a 10-year term, three 5-year extension options, and considerable prepayment flexibility.
The Subject is prominently situated and highly visible at the intersection of Main Street and Elm Street in the heart of Westport’s prime shopping district. This bustling “main and main” location is lined with national and high-end retailers such as Anthropologie, Urban Outfitters, Brooks Brothers, Design Within Reach, Patagonia, Serena & Lily, Vince, and Tiffany & Co., among many others. The subject property features The Gap, Express Edit, and Amenity Nail and Spa, three outfits that fit in seamlessly with the overall neighborhood.
Retail properties in Westport, CT have flourished for decades, largely due to the area’s exceptionally strong consumer; residents of Westport boast an average annual household income of $222,000. With large national corporations including Bridgewater Associates, Canaan Partners, and BNY Mellon firmly implanted within the Westport market, the area is poised to be a center of affluence for decades to come.
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