Andrew Stewart and Dev Morris arranged long-term, fixed rate financing for the 215,000 square foot Hawley Lane Mall located in Trumbull, CT. The loan was structured with a 15 year term and 30 year amortization and funded by the United State Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, Pa., for whom Cronheim represents as correspondent and servicing agent.
Hawley Lane Mall, which opened in 1971, was originally anchored by Caldor and a Waldbaum’s supermarket. Purchase, NY-based National Realty and Development Corp. redeveloped the property in 2005 into its current layout, as a two-level community shopping center anchored by a Kohl’s, Home Goods, and Best Buy, and shadow-anchored by a 125,500 square foot Target. Due to the slope of the site, all stores have entrances and parking areas at grade, as well as interior escalators and elevators to allow foot traffic between the two levels. Interior mall tenants are accessible from both the lower and upper level entrances.
Hawley Lane enjoys an excellent location at the interchange of SR-8 and the Merritt Parkway, about 3.5 miles west of the Westfield Trumbull Mall, with average traffic counts of 54,145 vehicles per day. Bus transportation is also available at the property, via the Greater Bridgeport Transit Authority. The property is managed by National Realty & Development Corp., a leading retail development and management firm in the Northeast, with a portfolio of over 22 million square feet, including more than 70 shopping centers in 14 states.