Sag Harbor Retail Properties Land Loan

An East End restaurateur is one step closer to the anticipated redevelopment of two Sag Harbor retail centers.

Jeremy Morton’s Excelsior Development secured a $40 million loan from Vik Uppal’s Mavik Capital for the acquisition and improvements at 22 Long Island Avenue and 2 Main Street in Sag Harbor, according to a source familiar with the deal.

Morton acquired the properties last year for an undisclosed price.

The press-shy investor has made noise snapping up popular East End restaurants, including Rick’s Crabby Cowboy Café and Ruschmeyer’s in Montauk and Morty’s Oyster Stand in Amagansett.

Morton refused to confirm the acquisition of the retail centers to the local newspaper 27East last year.

“People are buying properties in the Hamptons every day,” he told the publication. “Is there some kind of obligation for the media to write about it?”

Morton discussed his plans for the properties at a planning board meeting in November. Morton said he wished to add a second-floor space to each building, one of which is home to the town’s 7-11 store.

Mavik was initially asked to provide a mezzanine or preferred equity for the project, but the lender instead provided a single $40 million loan, according to a source.

Entities linked to the nonprofit, The Friends of Bay Street, acquired the Long Island Avenue property in 2020 for $13.1 million and the 2 Main Street for $18 million a year later, according to Behind the Hedges.