Cronheim Mortgage Secures $7.7MM for Nine Mall Plaza in Poughkeepsie, NY
Poughkeepsie, NY – Dev Morris and Andrew Stewart have arranged $7.7 million in financing for Nine Mall Plaza, an anchored retail center located in Poughkeepsie, NY. The loan was structured with a 10 year initial term term, 22½ year amortization, and flexible prepayment options for the borrower, Nine Mall Investors, LLC.
Nine Mall Plaza is a 99,765 square foot shopping center located on 11.72 leased acres of land in Poughkeepsie, NY. The shopping center is anchored by Babies “R” Us and a recently opened Aldi who leases space that was formerly occupied by Borders. The Subject is occupied by fifteen additional tenants, including H&R Block, Verizon, and Supercuts, and a variety of local retailers including a dance studio and nail salon. The center is shadow-anchored by Kohl’s.
The property is situated along well-traveled Route 9, which has traffic counts of approximately 45,000 vehicles per day. Route 9 is a major retail corridor traversing Poughkeepsie and the towns of Fishkill and Wappinger Falls, together encompassing most of the largest retailers within 3-5 miles of the center.