Office Building Acquisition Deal
AVANA Companies provided financing to a real estate investor for the acquisition of a three story, class ‘B’ office building in Poughkeepsie, New York. The 33,421 square foot building is located within the Central Business District and Federal Opportunity Zone in the Poughkeepsie Innovation District. The borrower worked closely with AVANA CUSO Credit Union’s team, led by Matt Wilk to develop personalized terms for a $3.52 million loan for acquisition of the property. The building had stable tenants, including a healthcare group and the General Services Administration, that used it as a U.S. Bankruptcy Court.
“At AVANA, our team works closely with borrowers to understand their needs so we can personalize loans and create funding options that suit their unique needs, regardless of the scale,” says Matt Wilk, VP of CRE Originations at AVANA Companies AVANA CUSO. “We were happy to work with the investor on this project as they continue investing in the future of communities throughout the state of New York.”
Loan Details
| Loan Amount | $2,425,000 |
| Loan Type | Refinance |
| Loan Purpose | Retail |
| Project Date | 01/10/2023 |
About AVANA CUSO
Established in 1998, AVANA CUSO is one of the most seasoned credit union service organizations (CUSO) with a focus on commercial real estate lending. Driving excellence through end-to-end customer service and our investments in technology, AVANA CUSO supports credit unions, including connecting them with commercial real estate entrepreneurs, brokers, and small business owners through participation lending.
Our mission is to help credit unions diversify their lending portfolios by expanding their lending programs beyond local communities, mitigating concentration risk while enhancing loan-to-share ratios.
Part of the AVANA Family of Companies, AVANA CUSO strives to improve communities by funding socially responsible projects that boost economic growth and foster job creation. AVANA CUSO is headquartered in Glendale, Arizona.
