Major Refinancing Boost for Poughkeepsie's Violet Estates Aims to Enhance Local Senior Living

Reynolds Asset Management has secured a $19.5 million refinancing for Violet Estates, an active-adult community in Poughkeepsie, New York. The refinancing was obtained through a seven-year Fannie Mae loan with a 5.93% interest rate, arranged by Walker & Dunlop and Allan Edelson. This loan replaces the original $18.5 million construction debt, which had an 11.75% interest rate. This transaction marks the fourth collaboration between Reynolds and these lenders.

Violet Estates, which opened in 2023, serves adults aged 55 and older in Dutchess County, a region with economic growth and a notable housing shortage for this age group. Located at 35 Violet Avenue, the community offers 84 units, from studios to two-bedroom townhomes. Amenities include in-home washers and dryers, walk-in showers, and private patios or balconies in some units.

Additionally, Violet Estates will feature 7,000 square feet of retail space by summer 2024. Planned businesses include a juice and smoothie bar, yoga studio, coffee shop, and art gallery, aiming to enhance resident convenience.

The project has garnered support from local authorities, including a 15-year PILOT agreement with the Dutchess County International Development Agency (IDA). Sarah Lee, CEO of Think Dutchess and executive director of the Dutchess County IDA, has endorsed the project's impact on local housing and economic growth.

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