$13.5M construction loan arranged for Poughkeepsie Plaza redevelopment

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.