Cronheim Mortgage has arranged for a $13.5 million construction loan that will finance the current redevelopment of the Poughkeepsie Plaza shopping center.
The 170,966-square-foot property includes three pad sites for a total building area of 175,743 square feet. Originally built in 1958, Pougkeepsie Plaza’s tenants include Famous Footwear, Jo-Ann Fabric & Crafts, Marshall’s, Modell’s and The UPS Store.
The loan’s terms include seven years of interest-only payments followed by a 25-year amortization period. To finance the plaza’s redevelopment, Cronheim coordinated the sale of an $8.8 million loan from Fidelity Guaranty Life Insurance to Phoenix Life Insurance Co. and arranged for $4.7 million in additional construction proceeds.
“Our ability to convince multiple parties to work together here allowed the developer to unlock substantial value in redeveloping the asset,” said Andrew Stewart, CEO of Cronheim Mortgage, headquartered in Chatham, New Jersey.