Jeremy Morton’s Excelsior Development has taken an important step toward redeveloping two Sag Harbor retail centers after securing a $40 million loan from Mavik Capital, led by Vik Uppal. The loan will support the acquisition and improvement of 22 Long Island Avenue and 2 Main Street, both of which Morton acquired last year. Morton, a restaurateur known for acquiring popular East End establishments, has plans to add a second-floor space to each building, one of which currently houses a 7-11 store.
The properties were previously acquired by entities associated with the nonprofit The Friends of Bay Street in 2020 and 2021 for $13.1 million and $18 million, respectively.
