Cronheim Mortgage secures $14.5 million financing for 221,846 s/f of retail

Poughkeepsie, NY Cronheim Mortgage has arranged $14.5 million in financing for shopping centers in Poughkeepsie and New Britain, Conn. Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured the financing on behalf of Mehlich Associates, a family-owned and operated commercial real estate firm with a portfolio of retail and office assets across N.Y., Conn., and Mass.

Cronheim placed an $11.5 million, 10-year loan with one of its correspondent life insurance company relationships for Poughkeepsie Plaza, a 181,746 s/f shopping center situated on South Rd./Rte. 9, the municipality’s primary retail corridor.

The property is anchored by Marshalls (19.5% GLA) and TJX/HomeGoods (24.1% GLA), and also features Sierra Trading Post, Mattress Firm, Famous Footwear, and J. Crew among its 22 in-line tenants, and Wendy’s and Chase Bank on outparcels. Area retail includes Burlington, Hudson Plaza, a 320,000 s/f Price Chopper-anchored center, Post Road Plaza, leased to Stop & Shop, Office Depot, Michaels, and Barnes & Noble, and the 128-acre Poughkeepsie Galleria, Dutchess County’s dominant retail development.

In New Britain, CT, Cronheim arranged a $3 million, 10-year portfolio loan for Brittany West Plaza, a 40,100 s/f shopping center which was 100% leased at closing. The loan features an interest rate reset after five years and a stepdown prepayment schedule.

The subject was built in 1995 and acquired by the sponsor in 2003. Tenants include Popeyes, Goodwill, and Arthur Murray Dance Studio, alongside other regional and local merchants. Located at the intersection of Rte. 9 and Hartford Rd. in the Corbin’s Corners district, the property offers visibility and high traffic exposure (42,300 AADT on Rte. 9; 130,100 AADT on I-84). It is across from West Farm Shopping Center which is anchored by Burlington, LA Fitness, and TJ Maxx, and just south of Westfarms Mall and Corbin’s Corner Shopping Mall.