CRONHEIM MORTGAGE ARRANGES $9.4M FOR CONNECTICUT MOB

WETHERSFIELD, CONN. — Cronheim Mortgage has arranged $9.4 million for a medical office building (MOB) located in Wethersfield, a southern suburb of Hartford. Phoenix Medical LLC was the borrower. The seven-year loan carries a 3.65 percent interest rate, and $7.15 million of the loan will be used for the acquisition of the building, while $2.25 million will be used for the construction of a 10,000-square-foot expansion. The expansion is for the Connecticut Multispecialty Group MSO, an existing tenant that has committed to a long-term lease for the space. Upon completion, the MOB will span 55,850 square feet. The property is fully occupied by a mix of medical tenants including a sleep center, general physician's office and a multi-specialty health center. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.