Cronheim Mortgage Arranges $4.1MM for Connecticut Retail/Office Building
New Canaan, CT – Dev Morris and Andrew Stewart have arranged $4.1 million in financing for a retail and office building located in the heart of downtown, New Canaan, CT. The loan was placed at a fixed rate of 4.00%, and was structured with a 7 year term and 18 year amortization for the borrower, Campana 109, LLC.
The Subject is a fully-occupied, 9,431 square foot mixed-use building located on Elm Street, one of the most heavily trafficked streets in New Canaan. The ground floor space is leased to Ralph Lauren and Nails Hollywood, while the upper level features six office tenants, including a chiropractor and law offices, and one retail tenant, Image Design Group. The surrounding area features similar high-end retailers such as J. Crew, Ann Taylor, and Vineyard Vines, among others. The Subject, built in 1927, has had recent capital improvements within the past few years, including a new roof and skylights, a renovated lobby, upgraded electrical systems, and new fire safety systems.
The subject property is adjacent to one of the town’s municipal parking lots, accessible through the building’s rear entrance on the second floor. The commercial area in New Canaan is centralized with a four-five block downtown core known as the “Magic Circle,” in which the subject property is centered. Moreover, the town’s Playhouse movie theater, considered the heart of the downtown area, is located next door.
The Town of New Canaan has a population of approximately 20,000 people and has been ranked first on CNN Money’s list of wealthiest towns in the nation. The town has maintained an average household income of $243,528, among the highest in Connecticut and the United States, with single-family homes selling for an average of $2 million. As a bedroom community for New York City, New Canaan has two train stations, one of which is located less than a block from the subject property and provides direct access to New York City’s Grand Central Station.