Cronheim Secures $9.5MM in New Britain, CT and Poughkeepsie, NY
4.22% for 10 years with Fidelity & Guaranty Life Insurance Company
Andrew Stewart and Dev Morris secured a total of $9.5 million for two retail centers located in Poughkeepsie, NY and New Britain, CT. Both loans were structured with a 10 year fixed-rate of 4.22% and 25 year amortization. The loans were placed with Fidelity & Guaranty Life Insurance Company, whom Cronheim represents as correspondent and servicing agent.
In Poughkeepsie, NY, the subject property, known as Poughkeepsie Plaza, received $6.0 million in financing. The Subject is comprised of a one-story, 170,966 square foot community shopping center with three pad sites for a total building area of 175,743 square feet. Originally constructed as a strip center in 1958, the Subject was subsequently partially enclosed in 1978, with various additions from 1983 to 2004.
The Subject is currently leased to over 35 retailers including Modell’s, TGI Fridays, Wendy’s, Harmon Stores, Famous Footwear, and Marshalls, among many others, and shadow-anchored by an adjacent Toys R Us. The property is located along South Road/Route 9, the primary vehicular corridor serving the towns of Fishkill, Wappinger Falls, and Poughkeepsie. This route encompasses a number of major retailers including Home Depot, BJ’s, Hobby Lobby, Christmas Tree Shoppes, T.J. Maxx, Best Buy, Lowes, JC Penney, and Target, among many others.
In New Britain, CT, Brittany West Plaza, received $3.5 million in financing. This property consists of a 39,438 square feet in Hartford County, CT. Acquired by the borrower in 2003, the subject property is currently 100% leased to a diverse mix of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails, and Arthur Murray Dance Studio, along with a restaurant, auto repair shop, and liquor store.
Brittany West Plaza is located at the corner of Route 9 and Hartford Road in the district known as Corbins Corner, a highly popular restaurant, office and retail district in the Boston/Hartford area. The subject has excellent visibility to high traffic counts from Route 9 and the nearby Interstate 84, and is located in the midst of large national retail centers owned by Kimco, Regency, and Taubman and anchored by national tenants such as Nordstrom Rack, Target, Best Buy, Bed Bath, & Beyond, and LA Fitness, among others. Costco also recently developed a new store under 0.5 miles from the subject property on Hartford Road which opened on October 15, 2015.