Andrew Stewart and Dev Morris of Cronheim Mortgage have secured $20.23M in long-term interest only financing for an office property located in Rowayton, Connecticut. The 100,342 square foot property consists of two inter-connected buildings, a historic structure developed in 1916 and a two-story office building constructed in 1989. The property is part of the renowned estate known as Rock Ledge, which was first developed in 1910 by James Farrell, then President of the U.S. Steel Corporation. The waterfront property includes a number of attractive features including a mix of gypsum and glass partitions, an exercise studio, a billiards room, and a harmonious blend of ornate and contemporary design elements.
The Rock Ledge estate is located in Rowayton, a coastal village in the city of Norwalk, Connecticut. With a population of just 4,000 spread out over two square miles, Rowayton is an exclusive community seen as a hub for Connecticut’s most affluent. This is evidenced by the median household income within one-mile of the Property, which is greater than $400,000, and the median value of all owner-occupied housing, which is greater than $1.75 MM.
The property is 100% leased to a single tenant, Graham Capital Management, L.P., an alternative investment firm specializing in both quantitative and discretionary trading. The company’s 180+ employees work to manage a multibillion dollar portfolio for endowments, foundations, family offices, sovereign wealth funds, investment advisors, and qualified individual investors.
Cronheim closed a $20,228,000 loan with a 10-year term and interest-only payments throughout the term. Securing financing for office real estate in the post-pandemic environment has proven to be challenging, but the experienced team at Cronheim Mortgage has been able to consistently execute for its clients.