$1 Billion Project, One of New York State’s Largest, Will be an Economic Powerhouse with Unique Culinary, Residential and Recreational Options
HYDE PARK, N.Y. (July 5, 2022) – Bellefield Development Partners, an affiliate of T-Rex Capital Group, LLC, has secured $54 million in financing: $36 million in financing to propel construction of The Inn at Bellefield by Residence Inn on the property, and $18 million for land development during Phase II of the project.
The $1 billion mixed-use Bellefield at Historic Hyde Park, now moving forward with vertical construction after a two-year delay due to COVID-19, is considered to be the largest current in-development project in the Hudson Valley and one of the largest in New York State this year.
The construction of The Inn at Bellefield by Residence Inn, with 137 rooms, is the first phase of ongoing development at Bellefield. It is a $52 million project being developed by T-Rex in partnership with Shaner Hotel Group, LP, and will be the first of two hotels the completed development will offer. The $36 million loan was supplied by X-Caliber Rural Capital, an affiliate of X-Caliber Capital and CastleGreen Finance. X-Caliber Rural Capital provided a $25 million fixed-rate loan through a U.S. Department of Agriculture Business and Industry guaranteed loan program. CastleGreen contributed $11 million of Commercial Property Assessed Clean Energy (C-PACE) financing.
The $25 million will provide financing for construction of The Inn at Bellefield by Residence Inn, scheduled for completion in September 2023. The $11 million C-PACE financing will support energy efficiency for roofing, walls and windows, as well as LED lighting, HVAC operations and low-flow plumbing that will conserve 725,000 gallons of water per year.
The $18 million for land development was secured through 360 Capital Funding, a privately held direct lender whose principals have over 25 years of experience in real estate lending and investing.
“These financing arrangements are powering a visionary project that will energize Dutchess County and the entire Hudson River Valley,” said Tom Mulroy, Chairman and Chief Executive Officer of T-Rex Capital Group, LLC. “Bellefield at Historic Hyde Park will be a world-class hospitality, tourism and sustainable agri-tourism destination with residential options for those who wish to settle in this vibrant culinary‐themed planned community.”
Larry Pelletier, Chief Operating Officer of T-Rex Capital Group LLC, said, “This infusion of capital, and the trust our financing partners have in Bellefield at Historic Hyde Park, are important validations of the inspirational vision we have shared for this game-changing development. Bellefield at Historic Hyde Park is a superb investment in the future of the Hudson Valley.”
New York State’s Mid-Hudson Regional Economic Development Council (MVREDC) and Empire State Development (ESD)have played a vital role in facilitating the project, securing $3.25 million in Empire State Development and $1 million in Market New York grant funds through the Consolidated Funding Application process and was designated a regional priority project by the Mid-Hudson Regional Economic Development Council.
A key attraction of Bellefield at Historic Hyde Park will be an integrated residential “Agrihood,” the first in the Northeast. Its vision perfectly aligns with the Hudson Valley’s well-established culture of sustainability and eco-friendliness. The Agrihood’s culinary shops, farm-to-table restaurants, breweries, restaurants, distilleries, special-events barn and educational center will perfectly complement the Culinary Institute of America and surrounding region. Often referred to as America’s breadbasket because of its historic production of food for the New York metropolitan market, the Hudson Valley takes great pride in its food and wine traditions. Approximately 25 million tourists a year visit the Hudson Valley – 600% more than Napa Valley’s annual visitation of 3.8 million tourists.
Bellefield at Historic Hyde Park also will create much-needed quality housing in a region with a substantial ongoing demand for, and a documented shortage of, high-quality housing. A diversity of residential product types, including luxury rentals, condominium flats, cottages, town houses, and single-family homes, will cater to a wide pool of potential residents and foster a vibrant community.
In the fourth quarter of 2022, construction will begin on:
•Approximately 400,000 square feet of retail and commercial space that will be home for restaurants.
•Approximately 600,000 square feet of residential space that includes 344 luxury-rental units and 129 luxury condominiums.
About Bellefield at Historic Hyde Park
Bellefield at Historic Hyde Park is a $1 billion tourism destination under development on Route 9, across from the Culinary Institute of America. Plans call for development of two hotels, a conference center, free-standing signature restaurants, brewery, winery, a spa, culinary-based retail establishments and residential. Fifty-eight percent of the site’s 340 acres will remain wooded and undeveloped with another 48 acres devoted to agricultural use to preserve the natural beauty of the site. New York State’s Mid-Hudson Regional Council has selected Bellefield at Historic Hyde Park as a “priority project.” For more information about Bellefield at Hyde Park and T-Rex Capital Group LLC, visit BellefieldHydePark.com.
About T-Rex Capital Group LLC
T-Rex Capital Group LLC is an experienced privately held real estate firm. T-Rex has sourced and invested in proprietary transactions encompassing more than 11 million square feet with a gross asset value of over $2.5 billion. Its key executives average more than 25 years of experience with more than $7 billion of investing and development experience. For more information, visit TrexCapitalGroup.com.
About Shaner Hotel Group
Shaner Hotel Group is one of the foremost owner-operator companies in the hospitality industry with more than 60 hotel properties owned and managed across the U.S., Italy, Greece and the Bahamas. New properties are constantly evaluated as the Shaner Hotel Group continues a conservative, yet opportunistic approach to growth. Shaner is an approved management company and franchisee of Marriott International, Inc., Hilton Hotels Corporation, Intercontinental Hotels Group, and Choice Hotels. For more information about the company and its divisions, visit shanercorp.com.
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