Upstate NY, 156-acre Master-Planned Development with an Impeccable Track Record $2,000,000 Mezzanine Loan | Term: 18 months
$2 million mezzanine loan on a 156-acre development site in Poughkeepsie, NY that includes a 405,000 sq. ft. Historic Landmark Building. This multi-year master-planned project will be a historic restoration of existing structures and will provide for the phased construction of a hotel/conference center/spa, rental apartments, townhouses, condominiums, village-style retail space and various other amenities. The goals are to redevelop the property, preserve the historic Landmark Building and associated buildings, create an integrated redevelopment mixing new buildings and adaptive reuse of existing structures, and return the property to the tax rolls of the Town of Poughkeepsie. The development team is a joint venture between three seasoned developers adept at navigating the political waters of rezoning land in Upstate New York who are familiar with the challenges of creating master planned communities, and a respected institutional investor. The raw land was appraised at more than $10 million. Our mezzanine loan is subordinate to a $2 million first mortgage loan, our loan-to-value inclusive of the first mortgage debt is less than 40%.
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