CRONHEIM MORTGAGE ARRANGES $90,500,000 FOR

REGIONAL SHOPPING CENTER IN MIDDLETOWN, NY

MIDDLETOWN, NY – Andrew Stewart and Dev Morris secured financing of $90,500,000 for Orange Plaza, an 813,842 square foot regional power center located in Middletown, New York. The loan carries a 10-year term and 30-year amortization, with the first two years interest only, at an interest rate of 5.635%. 

The subject property is currently 99% occupied and is anchored by a 228,000 square foot Wal-Mart Supercenter, Home Depot, Kohl’s, Staples, and Burlington Coat Factory. The 77.52-acre site is visible from both approaches of Interstate 86 and is improved with a multi-building, two-level retail center combining anchor tenant space with in-line space and pad sites.  In addition to the five anchor tenants, the Subject hosts a wide range of junior anchor and in-line tenants, as well as out-parcels, which are occupied primarily by restaurant tenants.  Junior anchors include Bed, Bath & Beyond, Marshall’s & Modell’s.  In-line tenancy, meanwhile, counts Panera Bread, H&R Block, Bombay Company, EB Gameworld and Verizon Wireless amongst its ranks.  Out-parcel tenants include Bank of New York, Ruby Tuesday, Applebee’s and Taco Bell, among others. National Realty and Development Corporation acquired the property when it was a defunct mall and has redeveloped the site into a dominant retail hub. According to Stewart, “Few firms in America have the resources, relationships and vision necessary to undertake and complete this kind of turn around success story.”

The subject property is located on the southwest corner of the intersection of east-to-west State Route 211 and northwest-southeast Interstate 86/Route 17, one of the busiest crossroads in the county. The Subject’s proximity to both I-86 and Interstate 84 afford the subject property superior highway accessibility.  Exit 4 of east-west I-84 is located approximately ½ mile south of the subject property. Stewart International Airport, which offers domestic and international air travel, is located approximately 15.8 miles east, at the intersection of I-84 and I-87 in Newburgh.