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Peekskill, NY Kevin Coscia, managing director at the Largo Group of Cos., secured a $46.5 million non-recourse loan to refinance a 238,000 s/f grocery-anchored center.
The property is anchored by Stop & Shop, Planet Fitness, CVS and Dollar Tree, supplemented by several national in-line tenants. The property is uniquely situated between Rte. 6 and Rte. 202, offering direct ingress from both major thruways.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,