News: Financial Digest

Cronheim Mortgage secures $24 million financing for Avon Marketplace - a 78,687 s/f lifestyle shopping center

Avon, CT Cronheim Mortgage has secured $24 million in permanent financing for Avon Marketplace, a 78,687 s/f lifestyle shopping center on 17.29 acres. Dev Morris, Andrew Stewart, and Allison Villamagna placed the five-year loan with a portfolio lender that has a long-standing relationship with Cronheim. It was structured with two years of interest-only payments, a 25-year amortization thereafter, and a stepdown prepayment schedule.

Built in 1994, the subject encompasses two, single-story freestanding buildings, and is 100% leased to an impressive roster of tenants including ULTA, Athleta, LensCrafters, GAP Factory, New Balance, Starbucks, Verizon, and The Orvis Company, among others. The former Bertucci’s space will become the new home of Max A Mia, a casual Italian bistro that is relocating from its current location a few miles away. The original Max A Mia opened over 30 years ago and the new space should be ready in spring 2025. 

The subject is situated on the westbound side of U.S. Rte. 44, also known as the Albany Tpke., 9 miles west of Hartford. Within two miles of the property are a number of big-box retailers including Walmart, Marshalls, Whole Foods, and Best Buy. Avon and Simsbury are both upper-middle class communities positioned for commuters to Hartford, CT. 

Niche.com, a neighborhood ratings agency, ranked the town, in the 98th percentile of Connecticut towns best suited for families due to its schools, low crime rate, and proximity to major employers.

MORE FROM Financial Digest

Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank

Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Examples of investors who used Kay Properties for legacy and estate planning purposes for rental property/portfolios - by Dwight Kay

Examples of investors who used Kay Properties for legacy and estate planning purposes for rental property/portfolios - by Dwight Kay

Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
Conn. hospitality market: A technical appraisal perspective on market dynamics and valuation challenges (2019-2025)

Conn. hospitality market: A technical appraisal perspective on market dynamics and valuation challenges (2019-2025)

The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.