Basis Investment Group provides $27.5m bridge loan to Capstone Realty

Poughkeepsie, NY Basis Investment Group, LLC, (Basis) provided a $27.5 million bridge loan to Capstone Realty to refinance the existing debt of Plaza 44, a grocery-anchored neighborhood retail center located on the intersection of Rte. 44 and Burnett Blvd. The bridge loan is an investment in Basis Investment Group’s BIG Real Estate Fund III.

Plaza 44 provides a variety of shopping destinations off the intersection of Rte. 44 and Rte. 55, and a short drive from the Taconic State Pkwy. The 168,713 s/f shopping center houses a variety of retailers, ranging from national chains like Stop & Shop, Ross, Dollar Tree, and KeyBank, to local small businesses.

“Plaza 44 represents the type of grocery-anchored retail we seek to invest in — centers that provide essential goods and services while serving as a cornerstone for local business,” said Tammy Jones, founder and CEO of Basis Investment Group. “We’re proud to back properties that both strengthen communities and deliver enduring value.”

“Capstone was fortunate to partner with Basis Investment Group for a short-term bridge loan to recapitalize Plaza 44 and deliver a new 23,000 s/f Ross Dress for Less to the Poughkeepsie community,” said Mitchell Adelstein, managing partner with Capstone Realty Group. Capstone plans to reposition the center and position the property for sale in 24 months.

BIG Real Estate Fund III is the third of such commingled fundraises led by Jones for Basis Investment Group following $410 million for Fund I in 2019, and $831 million for Fund II in 2022, exceeding its target and hard cap.