Phillips and Heiss of Largo arrange $52.5 million for Hudson Valley Mall

Jack Phillips and Kevin Heiss of the Largo Group of Companies arranged a $52.5 million permanent first mortgage to refinance the existing debt on the Hudson Val­ley Mall, a 765,269 s/f enclosed regional mall. The mall is one of the region's premier retail developments and is anchored by Macy's, Sears, JCPenney, Regal Cinema, Dick's and Best Buy. The property is shadow anchored by a 126,000 s/f Target store that is situated contiguous with the subject property. The subject property is adjacent to Hudson Val­ley Plaza which is a community shopping center anchored by a Wal-Mart Supercenter, Sam's Club, Lowes and Michaels. This pocket of retail development is the primary shopping destination within a 30-mile radius. The Hudson River Valley is a fast growing region in New York State resulting from the substantial migration from New York City, Long Island, and Rockland County. This has led to job growth and economic stability in the region. The Hudson Valley mall averages over 8 million customer visits annually. Phillips and Heiss secured a non-recourse 10 year loan with a 30 year amortization sched­ule for the borrower. The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.­ley Mall - Kingston, NY