Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Robert Martin Completes Recapitalization Of its Entire Westchester Industrial Portfolio
ELMSFORD— Robert Martin Company announced on Jan. 26 the completed recapitalization of its “Westchester Industrial Portfolio,” a 45 property, infill, industrial portfolio totaling approximately 2.6 million square feet across three parks located across Westchester County.
As part of the recapitalization, Robert Martin of Elmsford entered into a new joint venture with affiliates of New York City-based Dune Real Estate Partners LP (Dune) to own and operate the portfolio. The three parks included in the recapitalization are believed to be Robert Martin’s Cross Westchester Executive Park in Elmsford, its South Westchester Executive Park in Yonkers and its Mid-Westchester Executive Park in Hawthorne.
JLL arranged the equity recapitalization between Robert Martin and Dune, and also procured a $455-million, floating-rate, non-recourse loan with Bank of America. The JLL team was led by Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck.
“This portfolio has continuously outperformed throughout multiple economic cycles,” said Timothy Jones, CEO of Robert Martin. “We continue to have strong conviction in this portfolio as well as the underlying fundamentals of this market. We’re excited to continue Robert Martin’s ownership of and commitment to this portfolio and the Westchester County market.”
“We are excited about our joint venture with Robert Martin, a partner with a strong track record within Westchester’s industrial market,” added Daniel M. Neidich, CEO of Dune. “The Westchester Portfolio is well-positioned to capture strong tenant and investor demand for industrial assets in irreplaceable locations within the supply-constrained New York metroplex.”
Dune Real Estate Partners is real estate investment firm executing an investment strategy that focuses on distressed, deep value-add and contrarian investing balanced by region, sector, and risk profile. Dune manages the Dune Real Estate Funds, which were launched by Daniel M. Neidich in 2005 and have raised approximately $4.3 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.