The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
HGAR’s remote learning approach enables students to learn from any location, and each session is taught live by HGAR’s practitioner faculty members.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224.
The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
ELMSFORD—New York City-based JLL Capital Markets announced earlier today that it had arranged $500 million in financing for the Westchester Industrial Portfolio, a collection of 42 properties totaling approximately 2.4 million square feet across three industrial parks in Westchester County.
JLL worked on behalf of a joint venture between affiliates of New York City-based Dune Real Estate Partners LP and Elmsford-based Robert Martin Company to secure the refinancing loan through Starwood Property Trust.
The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure, including Interstates 287 and 87, Route 9A and the Saw Mill and Sprain Brook parkways. The three industrial parks are the Cross Westchester Executive Park in Elmsford, South Westchester Executive Park in Yonkers and Mid-Westchester Executive Park in Hawthorne.
The JLL Capital Markets team was led by Senior Managing Directors Peter Rotchford, Christopher Peck and Andrew Scandalios, Managing Director Tyler Peck and Director Christopher Pratt.
“The financing supports the sponsors' continued value-creation strategy following their recapitalization of the portfolio in December 2021,” said Rotchford. “With these properties demonstrating remarkable resilience through multiple economic cycles, combined with benefiting from Westchester County's severe supply constraints and premium demographics, we expect continued outperformance for this irreplaceable portfolio.”
In January 2022, Robert Martin announced it had recently completed the recapitalization of its Westchester industrial portfolio. As part of the recapitalization, Robert Martin entered into a new joint venture with affiliates of Dune Real Estate Partners to own and operate the portfolio. 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.
Dune Real Estate Partners is a 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.
Robert Martin Company is Westchester County’s largest diversified developer and builder with more than 20 million square feet of office, warehouse, and residential properties developed and acquired. RMC’s diversified real estate portfolio currently includes more than 6 million square feet of properties and 200 acres of developable land, concentrated primarily in the New York City suburbs.
HGAR’s remote learning approach enables students to learn from any location, and each session is taught live by HGAR’s practitioner faculty members.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.69% from 6.68%.
As interest rates begin to ease and market participants adjust expectations, conditions for a healthier, more balanced market may gradually emerge.
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