Morris and Stewart of Cronheim arrange $5.5 million for CT office building

Dev Morris and Andrew Stewart of Cronheim Mortgage have arranged financing totaling $5.5 million for an office building and parking deck located south of the intersection of U.S. Rte. 1 and Mason St. in Fairfield County. The 15/25 financing priced at 3.99% was arranged for Mason Associates of Greenwich, LLC, and was placed with Aviva Life and Annuity Company, whom Cronheim represents as correspondent and servicing agent. The subject property, constructed in 1966, consists of a 43,100 s/f, four-story office building and a two-story, 26,800 s/f parking structure containing 102 parking spaces, 50 of which are covered. The property is 100% occupied by 15 tenants, and each floor is multi-tenanted with various layouts. The building is steel frame with a reflective glass and brick façade and contains two elevators located in the central area of the first floor. Greenwich is an affluent town located in Fairfield County, Connecticut, and has ranked #1 in Money Magazine on their lists for "100 Best Places to live in the Unites States" and in their "Biggest Earner" category. The average annual household income within a one-mile radius of the subject is $166,229 and the median home value is $937,187. The region is home to many financial services companies and also houses a number of corporate headquarters for companies including Duracell, General Electric, Pitney Bowes, Xerox, and UBS Warburg (U.S. headquarters), among others. Less than two miles away, Cronheim's Channel affiliate is the largest equity investor in the $30,000,000, 194,000 square foot Cummings Point Business Park being developed on the Stamford/Old Greenwich border at 23 Barry Place. Bordering the Innis Arden Golf Club in Old Greenwich, the site can accommodate a variety of office and/or industrial users. Feel free to contact us if you would like to know more about this exciting opportunity.