Stewart and Morris of Cronheim Mortgage handle $19m financing

Hawley Lane Mall - Trumbull, CT

Trumbull, CT Andrew Stewart and Dev Morris of Cronheim Mortgage arranged $19 million long-term, fixed rate financing for the 215,000 s/f Hawley Lane Mall. The loan was structured with a 15 year term and 30 year amortization and funded by the United State Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, Penn., for whom Cronheim represents as correspondent and servicing agent.

Hawley Lane Mall, which opened in 1971, was originally anchored by Caldor and a Waldbaum’s supermarket. Purchase, NY-based National Realty and Development Corp. redeveloped the property in 2005 into its current layout, as a two-level community shopping center anchored by a Kohl’s, Home Goods, and Best Buy, and shadow-anchored by a 125,500 s/f Target. Due to the slope of the site, all stores have entrances and parking areas at grade, as well as interior escalators and elevators to allow foot traffic between the two levels. Interior mall tenants are accessible from both the lower and upper level entrances.

Andrew Stewart, Cronheim Mortgage

Dev Morris, Cronheim Mortgage

Hawley Lane is located at the interchange of SR-8 and the Merritt Parkway, about 3.5 miles west of the Westfield Trumbull Mall, with average traffic counts of 54,145 vehicles per day. Bus transportation is also available at the property, via the Greater Bridgeport Transit Authority. The property is managed by National Realty & Development Corp., a leading retail development and management firm in the Northeast, with a portfolio of over 22 million s/f, including more than 70 shopping centers in 14 states

Founded in 1897, David Cronheim Mortgage Corporation and its affiliate companies located in Chatham, N.J. provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds affiliate they have provided mezzanine and equity capital for numerous real estate projects in an efficient and cost effective manner. Cronheim Mortgage maintains correspondent and/or servicing relationships with 15 institutional investors, mostly insurance companies, and currently services $2 billion of debt. The company and its insurance company correspondents have substantial debt and equity capital to invest in quality real estate at pricing below alternative sources, especially for long-term debt.