News:
Brokerage
Posted: July 25, 2023
JLL Capital Markets secures $17.5 million
refinancing for 2 & 4 Westchester Park
White Plains, NY JLL Capital Markets has arranged a $17.5 million refinancing for 2 & 4 Westchester Park Dr., two office / medical office buildings totalling 218,372 s/f.
JLL worked on behalf of the borrower, Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.
2 & 4 Westchester Park Dr. is 86.5% occupied and home to a variety of traditional office tenants and medical office / healthcare users. The five-story buildings offer surface parking, a renovated café, childcare center and conference center.
The property is within the Westchester Ave. corridor, which is one of the area’s primary office submarkets providing access to Interstates 287 and 87 as well as the Westchester County Airport. Additionally, 2 & 4 Westchester Park Dr. is two miles from downtown and surrounded by a vast amenity base including several newly built multifamily communities, a LifeTime Fitness, Wegmans and a newly constructed pediatric speciality care center.
The JLL Capital Markets debt advisory team representing the borrower was led by senior managing director Michael Klein, director Max Custer and analyst Benjamin Morgenthal.
“We are pleased to have assisted Northpath in arranging this refinance with Centreville Bank,” said Custer. “While the office market has experienced its challenges, 2 & 4 Westchester Park Drive has demonstrated excellent resiliency thanks to a carefully curated tenant mix and an outstanding location that provides for efficient accessibility for employees, patients, and clients alike.”
Tags:
Brokerage
MORE FROM Brokerage
Dogtopia joins growing tenant mix at Brunswick Shopping Center
North Brunswick, NJ Dogtopia, a leading provider of dog daycare, boarding and spa services, has signed a lease to open a new 5,081 s/f location at Brunswick Shopping Center. The new location further
Columns and Thought Leadership
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi
Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron
When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
.gif)