News: Financial Digest

Stewart, Morris, and Szwalbenest of Cronheim Mortgage complete $7.4 million refi. of the Merrill Road Retail Plaza

Pittsfield, MA Cronheim Mortgage has secured $7.4 million for the refinancing of the Merrill Road Retail Plaza, a 125,000 s/f neighborhood shopping center. 

Andrew Stewart, Dev Morris, and Brandon Szwalbenest of Cronheim secured the financing on behalf of Phoenix Realty Management, a Connecticut-based firm that owns and manages commercial properties in several markets across the country. The loan was placed with one of Cronheim’s correspondent lenders and the loan will be serviced in house for the duration of the ten-year term.

Constructed in 1971, the subject has evolved into a vital component of the retail marketplace in the area. The property is 100% leased to a tenant base including TJ Maxx, HomeGoods, Harbor Freight, Aspen Dental, Sally Beauty, and Planet Fitness. 

The subject is located within the Berkshires, a tourist destination in Western Massachusetts known for its natural scenery and small-town charm. Within the Berkshires, the property is located in one of the region’s largest towns and the primary retail hub. 

Situated at the intersection of Merrill Rd. and Dalton Ave., which has over 17,000 daily drivers, the property maintains visibility despite its location in a smaller city. 

Access to a steady stream of consumers is further supported by the property’s shadow-anchor, a Stop & Shop grocery store.

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.