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Cronheim Mortgage Secures $16MM for Affiliates of Phoenix Realty Management

69,400 SF PetSmart & Sports Authority in Waterbury, CT
126,800 SF T.J.Maxx, Petco, Home Goods, & Planet Fitness in Pittsfield, MA

Dev Morris, Allison Moravec, and Andrew Stewart, arranged a total of $16,000,000 for two retail properties, located in Waterbury, CT and Pittsfield, MA. The financings were both structured on a 10/30 basis, and were arranged for affiliates of Phoenix Realty Management, the key principal of which has been in the business for over 35 years and currently owns a portfolio of commercial real estate properties totaling over 500,000 square feet.
 

The first financing, totaling $8,000,000, was arranged for Phoenix Waterbury LLC, and secures Waterbury Crossing, a 69,400 square foot, 100% occupied retail center. The two tenants occupying the Subject are Sports Authority and Petsmart, and it is shadow-anchored by a Home Depot which shares parking with the Subject. Both the Sports Authority and Petsmart are longtime tenants of the property, having occupied space since 1996 and 1997, respectively.

The second $8,000,000 financing was arranged for a 126,800 square foot, two-building retail center, located in Pittsfield, MA. The asset was constructed in 1975 and is currently occupied by eight retail tenants including TJ Maxx, Petco, Home Goods, Sally Beauty Supply, and Planet Fitness, among others. The majority of the center was previously occupied by a Kmart who vacated the center in 1997. The Kmart space has since has since been subdivided to accommodate the current roster of tenants. The sponsor, Phoenix Merrill Road, LLC, has owned the subject since 2004.