Avon Marketplace, Avon
Andrew Stewart and Dev Morris of New Jersey-based David Cronheim Mortgage Corp. have arranged financing totaling $21.5 million for a 79,107-square-foot lifestyle center in Avon called Avon Marketplace. The loan has a term of 10 years and a 30-year amortization.
Built in 1994 and expanded in 2001, the lifestyle shopping center includes two buildings located on a 17.29-acre site. Both buildings are completely occupied and include tenants such as Banana Republic, Express, Sharper Image, Victoria’s Secret and Starbucks. The center contains 455 parking spaces and offers good frontage, visibility and access.
The shopping center is located on the westbound side of U.S. Route 44, approximately nine miles west of Hartford on the Avon/Simsbury town line. Route 44 is a major four-lane roadway that serves as the primary traffic artery in the area, providing direct access from Hartford’s affluent western suburbs into the capital city. The heavy retail use in the area can be attributed to the underlying characteristics of the surrounding neighborhoods, including the dense population and the high average-household income.
CBA Launches Program
CBA Commercial, a commercial mortgage finance firm specializing in the purchase and securitization of small-balance multifamily, commercial and mixed-use mortgage loans, has announced plans to launch the CBAC Authorized Lender Program, which will target financial institutions and mortgage lenders seeking additional sources of revenue, as well as support services specifically tailored to conducting business in the small-balance commercial real estate market. Program details will be announced at the upcoming Mortgage Bankers Association’s 92nd Annual Convention & Expo in Florida beginning on Oct. 23.
“Although the small-balance commercial mortgage loan market has long been one of the most important American business sectors, it has been largely underserved and ignored in the past because it takes significant time and effort to fund each transaction,” said William Komperda, chairman and chief executive officer of CBA Commercial. “Now with loan standardization and built-in operating efficiencies, we’ve simplified the loan process and made it profitable for our partners.”
The program highlights include: loan amounts from $100,000 up to $3 million; multifamily, office, retail, light industrial and mixed-use property types; full and stated documentation; average FICO scores of 675; two-, three-, five-, seven- and 10-year ARM products (fixed period, then resets to six-month LIBOR); 30-year final maturities and 30-year amortization.
“Traditionally, banks and small- to medium-sized mortgage companies were known to service this market, but not on a consistent, thorough basis. In our research, we’re finding that larger, well-capitalized lenders will now have the confidence to write these small-balance loans under our new program,” said Chip Andrews, president and chief operating officer of CBA Commercial.
