David Cronheim Mortgage Corporation

Real Estate Weekly, Feb 23, 2000

Robert Kremp, senior vice president of David Cronheim Mortgage Corporation, has arranged permanent financing of $1.45 million for Midway Plaza in East Lyme, CT. The financing was placed with Cronheim Mortgage acting as a direct funding source for the borrower, Coolidge Midway Mall Equities LP.

Midway Plaza, a local strip center with 46,000 square feet, consists of retail/office space on the ground floor, with 10 residential units on the second floor. Among the tenants on the ground floor, Dewolfe Real Estate Agency is the largest with about 4,000 square feet. Among other notable tenants are a local bank, a Chinese restaurant and a video store. The residential units are 100 percent occupied. The property is well managed and has seen many new tenants as the result of an aggressive physical improvement program over the past two years.

East Lyme, located in New London County, CT, is a suburban shoreline community (mainly residential). Bridgeport, New Haven and Hartford are the closest cities with developed commercial districts. The subject property is in the commercial area of downtown East Lyme and is the largest center of its type in the town.

In addition to its 11 life insurance company correspondents, Cronheim Mortgage has correspondent relationships with three investment banks and a servicing portfolio of approximately $900 million.