“Community Capital has been an amazing partner. I couldn’t have gotten to opening without their guidance and willingness to fund the Inn and Spa at Beacon. I am excited to be a part of this City’s ongoing renaissance.”
ROGER GREENWALD, OWNER
Support Provided: Small business loan
Impact: Urban revitalization; 7 Full-time and 7 part-time jobs created
When Roger Greenwald retired from his decades long career as an architect in Washington DC his dream was to retire to the Hudson Valley. “I had wonderful memories of this area where as a child, my family vacationed for years” recalls Greenwald. But it wasn’t until he relocated to Cold Spring, NY that he witnessed first-hand the incredible urban renaissance taking place throughout the region. In particular, the City of Beacon which had suffered from deindustrialization was in the midst of an exciting revitalization, complete with proximity to the DIA Beacon Museum, new shops and art galleries, award winning restaurants and more. Just 80 minutes from NYC, Beacon had become a tourist destination with few lodging options. With the eyes of a trained architect, Greenwald spotted a vacant lot, came out of early retirement and began the process of developing The Inn and Spa at Beacon.
How we are helping:
Although Greenwald acquired the property at a distressed price, building on a fragile site proved onerous and resulted in cost overruns. “I thought I had exhausted my funding options but fortunately the Dutchess County Tourism office referred me to Fernando Ahumada at Community Capital. She supported my vision and guided me through the loan process so I could access the capital needed to complete construction, purchase the finishing touches and fund start-up expenses” explains Greenwald. Since opening, weekends are consistently sold out and the spa business is growing steadily for both hotel guests and local residents. Marketing efforts are targeting NYC “get-aways” as well as event planners for weddings, private parties and corporate events.
151 Main Street