New Jersey-based Cronheim Mortgage has arranged $16 million in financing for two retail properties in Pittsfield and Waterbury, Conn.

Cronheim Mortgage arranged $8 million in financing for a 126,800-square-foot, two-building retail center in Pittsfield. It was constructed in 1975 and is currently occupied by eight retail tenants, including TJ Maxx, Petco, Home Goods, Sally Beauty Supply and Planet Fitness, among others. The sponsor, Phoenix Merrill Road LLC, has owned the center since 2004. 

Cronheim Mortgage also arranged another $8 million in financing for Phoenix Waterbury LLC and secured Waterbury Crossing, a 69,400-square-foot, 100 percent occupied retail center. The property’s two tenants are Sports Authority and Petsmart, and it is shadow-anchored by a Home Depot. Sports Authority and Petsmart have occupied space since 1996 and 1997, respectively.

The financings were both structured on a 10/30 basis, and were arranged for affiliates of Phoenix Realty Management.

Cronheim Mortgage Arranges $16M Financing For Mass., Conn. Properties

by Banker & Tradesman time to read: 1 min
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