 (1).gif)
News:
Finance
Posted: November 9, 2018
Cronheim Mortgage handles $11.5 million financing
South Norwalk, CT Cronheim Mortgage arranged financing totaling $11.5 million for SoNo Sq. The 10-year loan was structured with three years of interest only payments and amortizes over a 30-year schedule thereafter for the borrower, SoNo Square Associates, LLC, an affiliate of Westport-based David Adam Realty who is among the most experienced owners and operators of high-street retail and mixed-use developments in the region.
The subject is a 94,472 s/f retail, office, and industrial property. It is leased to a diverse roster of tenants including Lilian August Design warehouse and outlet, Barteca Restaurants LLC, West Marine, to name a few.
South Norwalk or SoNo is located along the Norwalk Harbor which has evolved into an impressive collection of unique restored historic buildings and well-designed new buildings that house offices, restaurants, condominiums, rental apartments, show-rooms, movie theaters, and art galleries. Norwalk continues to benefit from a surge of new development including The SoNo Collection, a 700,000+ sf luxury mall scheduled for completion in 2019, the SoNo Residence Inn by Marriott opening in February, and various mixed-used and upscale residential developments
Tags:
Finance
MORE FROM Finance
Kozlowski of Newmark Capital Markets secures $115.6 million financing for two properties in CT
East Lyme, CT Newmark has arranged $115.6 million in financing on behalf of the sponsor to refinance The Cove at Gateway Commons and Sound at Gateway Commons. Newmark Capital Markets Strategies managing director Avi Kozlowski secured the financing through Freddie Mac.
 (1).gif)
Quick Hits
Columns and Thought Leadership
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
