Cronheim secures $22.5 million for Shelton, CT retail center
Fairfield County, CT — Cronheim Mortgage secured permanent financing totaling $22.5 million for The Center at Split Rock, a neighborhood retail property located in Shelton, Fairfield County. The 10 year loan was structured with a fixed-rate of 4.12%, and amortizes over a 30 year period. The Subject encompasses 91,197 s/f comprised of several freestanding and multi-tenant buildings on various levels of an upward-sloping, 11.72 acre parcel of land. The property was constructed in 2007 and is 99% leased to over 20 tenants including Walgreens, Outback Steakhouse, Orange Theory Fitness, and Mattress Firm, as well as a mix of local tenants including a spa, frozen yogurt shop, tanning salon, and multiple restaurants.The Subject's local area is defined as the Bridgeport Avenue commercial corridor that extends to the south from Exit 11 of Route 8 to the north commencing near the downtown area along the Housatonic River.
This corridor is the most heavily trafficked in the town and comprises the majority of retail inventory serving the local area. The loan was originated and placed by Dev Morris, Allison Villamagna, and Andrew Stewart.In Ocean City, MD, Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) arranged a first mortgage construction loan of $20,800,000 for the 133-key Cambria Resorts & Conference Center Hotel to be built on North First Street in Ocean City, Maryland. The iconic project was financed for the joint venture group of Ocean City based Pinnacle Hospitality Solutions and The Wankawala Organization of Philadelphia. The financing was provided by a consortium of Maryland based credit unions. The loan provided 65% of total costs and is at a rate of Prime plus 175 basis points with a floor of 5.75%. The initial term is 24 months interest only with extension options. The loan has the option to convert to a 5/25 perm loan at 350 basis points over the Constant Maturity Treasury Rate upon completion and certain occupancy and debt service coverage covenants. Choice Hotels International, Inc. (Choice Hotels), owner of the Cambria Brand, granted a 30-year franchise to the owners of this location.
Choice Hotels is headquartered in Maryland and was committed to developing this location as they have no other property of this caliber in Ocean City, Maryland. Mihir Wankawala commented: “CHC did an amazing job. They were truly part of our team and went above and beyond anything one might expect of a mortgage broker. This was not an easy deal and if it were not for them, I can honestly say this project would not have gotten financed.” Cronheim Hotel Capital and its affiliate, Cronheim Mortgage Corp, provide debt and equity for a wide array of commercial real estate.
The principals of CHC have six decades of combined experience in commercial real estate capital markets and have completed over $8 Billion of capital transactions.