Cronheim Mortgage Secures $24M Loan For Avon Retail Center
380 West Main Street
$24,000,000
Building Size
—
Asset Type
Retail
Closing
Jun 24, 2024
AI
The $24 million, five-year loan was secured by Cronheim Mortgage for Avon Marketplace, a fully leased 78,687 sq. ft. retail center located at 380 West Main Street in Avon, CT. Built in 1994, this center is home to tenants such as Ulta Beauty, Athleta, and Starbucks.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $24,000,000
- Address: 380 West Main Street
- Market: Avon, CT
Allison Villamagna, Andrew Stewart, and Dev Morris from Cronheim Mortgage successfully facilitated the loan for Avon Marketplace on behalf of David Adam Realty.
Players
Avon Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93