Morris and Stewart of Cronheim Mortgage secure $14.95 million financing

Dev Morris, Cronheim Mortgage

101 - 107 Post Road East - Westport, CT

Andrew Stewart, Cronheim Mortgage

Westport, CT Dev Morris and Andrew Stewart have arranged permanent financing of $14.95 million for three retail and office properties in Westport, and a class A office building in Greenwich.

In the heart of downtown, a mixed-use, two building project located at 101-107 Post Road East and 28 Church Ln. was financed for $7.3 million on a 10/30 basis with 5 years of interest-only payments. Located across from the Bedford Square mixed-use development, the subject includes an 11,572 s/f Urban Outfitters clothing store in the first building, and an adjacent 3,400 s/f, two-level restaurant known as The Spotted Horse Tavern which includes 2,100 s/f of office space and is fully leased.

Also located in Westport just 50 yards from the Spotted Horse is 44 Church Ln., a 3,900 s/f property that was financed for $2.3 million. The loan was structured with a 10-year term, 5 years of interest only payments, and a 30 year amortization thereafter. 44 Church Ln. recently underwent extensive renovations and is now leased to Norwalk-based SoNo Banking Company & Café. The subject also features three, one-bedroom apartment units on the second floor.

Both of the above-referenced loans were arranged for affiliates of Westport-based David Adam Realty (DAR), a full service commercial real estate firm specializing in leasing as well as investment sales. DAR is among the most active developers of lifestyle retail in the New York area and is currently involved in the development and leasing of Bedford Square which includes the complete renovation and restoration of the stately 1923 Bedford Mansion and historic Firehouse, the removal and replacement of the YMCA’s 1970s Weeks Pavilion Complex and the buildings on the adjoining Gunn property. Upon completion in 2016 the project will comprise 110,000 s/f of retail, residential, restaurant, and office space. 

67 Holly Hill Lane is a 21,000 s/f, 3-story office building located in Greenwich. It features 10 suites ranging in size from 600 s/f - 3,450 s/f, and is leased to variety of users including a Cardiologist, real estate agency, and law firm, among others.