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Cross County Center Gets $135M Loan

YONKERS-The redevelopment of this historic, one-million-square-foot center finds funding.

By Debra Hazel | Updated on October 20, 2009

YONKERS-The $225 million redevelopment of Cross County Shopping Center here has taken another major step as Brooks Shopping Center LLC has secured a $135 million first mortgage, said Dollar Land Associates LLC, Brooks’ owner.

The 5-year, fixed-rate loan at an undisclosed rate was arranged by Estreich & Company, Inc., and provided by a 50/50 partnership of Prudential and New York Life, James E. Stifel, Chief Investment Officer of New York City-based Benenson Capital Partners, LLC and a manager of Dollar Land Associates, told GlobeSt.com.

“This was not an easy process by any stretch,” Stifel said. “The center is a very valuable center. It’s irreplaceable real estate.”

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