A joint venture between The Grossman Companies and Summit Development has received $68 million in financing for a new retail scheme in Chappaqua, New York. The new endeavor, Chappaqua Crossing, will be a 120,000 sqf center anchored by Whole Foods along with national tenants Life Time Fitness, Pet Valu, Chase Bank, AT&T and Go Health Urgent Care. CBRE’s National Retail Partners sourced the funding through a new 90 percent institutional joint venture equity partner in addition to securing the new construction financing of $44 million with M&T Bank. Jeffrey Dunne, Kyle Juszczyszyn and David Gavin of CBRE represented the borrowers during the process.
Jeffrey Dunne said that Chappaqua Crossing provides “a highly unique opportunity to acquire the majority interest in a Whole Foods anchored development in the high barriers to entry Westchester County market. With its grocery anchor and complementary tenant mix, Chappaqua Crossing will provide a highly coveted amenity for nearby residents and will be the largest shopping center and provide the only full-size grocer within approximately four miles.”
