CRONHEIM MORTGAGE ARRANGES $9,700,000 FINANCING FOR
RETAIL
PROPERTIES IN POUGHKEEPSIE,
NEW YORK
POUGHKEEPSIE,
NY – Andrew Stewart and Dev Morris of David
Cronheim Mortgage Corporation have secured financing of $9,700,000 for two
retail properties in Poughkeepsie, New
York on behalf of American International Group, whom
Cronheim represents as correspondent.
For
Poughkeepsie Plaza, $6,400,000 was arranged on a 10
year term to amortize over 30 years.
Poughkeepsie Plaza is a 175,223 square foot shopping
center anchored by Marshall’s and Modell’s sporting goods store and occupied by
44 tenants. The Subject was
originally constructed in 1958 as the first mall in Duchess
County and was partially enclosed in
1975. The attention to detail of
the family-operated management company has been the main contributing factor in
maintaining high occupancy rates and retaining tenants, especially the 115,000
square feet of small merchants in the enclosed mall portion. The Subject is located at
2600 South Road /
Route 9 within Poughkeepsie’s main retail corridor. Within a
three-mile radius of the subject property, there are 33,100 people living within
12,106 households. The average
family household income is $90,177 while the median home value stands at
$258,123.
Cronheim also arranged
$3,300,000 for a 32,202 square foot retail building tenanted by Petco. The loan
has a 15 year term and will amortize over 25 years. The subject property is located at
1933 South
Road / Route 9 and benefits from heavy traffic on the
town’s primary retail corridor. The
Subject also has road exposure directly in front of The Galleria, the dominant
regional mall in the trade area.
Neighboring retailers consist mainly of national retail brands including
Target, Lowe’s, Best Buy, Sears, Filene’s, H&M, Old Navy, Office Max,
Burlington Coat Factory and Kmart.
Within a three-mile radius of the Subject, there are 31,412 people living
within 11,505 households. The
average family household income is $90,582 while the median home value stands at
$258,211.
