Cronheim Mortgage Secures $22.5 Million Loan for Retail Center in Connecticut

The Center at Split Rock in Shelton, Connecticut, is home to tenants including Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. The Center at Split Rock in Shelton, Connecticut, is home to tenants including Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm.

Shelton, Conn. — Cronheim Mortgage has arranged $22.5 million in permanent financing for The Center at Split Rock, a neighborhood retail property located in Shelton.

The 10-year loan features an interest rate of 4.12 percent and a 30-year amortization schedule. Situated on 11.7 acres, the 91,197-square-foot property was constructed in 2007 and is 99 percent leased to more than 20 tenants. Current tenants include Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and placed the loan for the undisclosed borrower.

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