Cronheim Mortgage arranged financing totaling $11.5 million for SoNo Square in Norwalk, CT. The 10-year loan was structured with 3 years of interest only payments and amortizes over a 30-year schedule thereafter for the borrower, SoNo Square Associates, LLC, an affiliate of Westport-based David Adam Realty who is among the most experienced owners and operators of high-street retail and mixed-use developments in the region.
The Subject is a 94,472 square foot retail, office, and industrial property situated just off the water in the heart of South Norwalk. It is leased to a diverse roster of tenants including Lilian August Design warehouse and outlet, Barteca Restaurants LLC, owner of the Barcelona Wine Bar and Bartaco chains, and American boating supplier, West Marine, to name a few.
South Norwalk or SoNo is located along the Norwalk Harbor which has evolved into an impressive collection of unique restored historic buildings and well-designed new buildings that house offices, restaurants, condominiums, rental apartments, show-rooms, movie theaters, and art galleries. Norwalk continues to benefit from a surge of new development including The SoNo Collection, a 700,000+ sf luxury mall scheduled for completion in 2019, the SoNo Residence Inn by Marriott opening in February, and various mixed-used and upscale residential developments.