CB Richard Ellis arranges $41.5 million in financing for 348,401 s/f Yonkers retail center

James Gunning and Donna Falzarano of CB Richard Ellis debt & equity finance arranged a $41.5 million first leasehold mortgage for a Westchester power center, a three-building, 348,401 s/f retail center located on Stew Leonard Dr. The borrower was Morris Industrial Builders, a partnership of Morris Companies. Northwestern Mutual provided the funding. "We are pleased to have secured this funding for Morris Industrial Builders," said Gunning. "We caught the bottom of the interest rate market and Morris was able to dramatically improve its cash flow from this property. Westchester Power Center is in a tremendous trade area drawing from the surrounding Westchester, Rockland and southern Conn. areas, and will continue to be one of New York's best retail locations. Westchester Power Center is fully leased to Home Depot, Costco and Stew Leonard's. The property is located at exit 6A of the New York State Thruway/I-87 interchange.