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Acadia, DLC Secure $36M Recap of Poughkeepsie Shopping Center
JLL Capital Markets has closed on a $36.1-million loan facility to recapitalize and reposition The Shoppes at South Hills, a 512,218-square-foot, grocery-anchored shopping center and future self-storage facility in Poughkeepsie, NY.
Executive managing director Mike Tepedino and senior director Stephen Van Leer represented joint venture partners Acadia Realty Trust and DLC Management to secure a five-year, non-recourse, fixed-rate loan from Berkshire Bank.
“As lenders increasingly look to diversify their real estate portfolios outside industrial and multi-housing, The Shoppes at South Hills is a highly attractive investment,” said Tepedino. “Both the property’s prime location in the economic center of Dutchess County and the institutional sponsorship’s ambitious value-add strategy fulfilled all prerequisites for the lender.”
The Shoppes at South Hills is currently leased to 17 retail tenants with a remaining weighted-average lease term of 5.0 years. National tenants generate approximately 92.5% of the property’s current income.
- ◦Financing
