HAWTHORNE, ELMSFORD AND YONKERS, N.Y. — JLL has arranged a $455 million refinancing loan for a portfolio of 45 properties totaling approximately 2.6 million square feet across three industrial parks in New York’s Westchester County.
Bank of America provided the floating-rate, non-recourse loan to the borrower, Robert Main Co. Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck of JLL arranged the financing transaction. The loan terms were not disclosed.
The portfolio is situated in infill locations within in the New York metropolitan area. The properties benefit from significant barriers to entry, limited new supply and access to Interstates 287 and 87. Over the past few years, Robert Martin Co. has made improvements to the properties including new roofs, LED lighting upgrades, solar panel installations, paving and landscaping.
The three industrial campuses include Mid Westchester Executive Park at 2 Skyline Drive in Hawthorne; Cross Westchester Executive Park at 100 Clearbrook Road in Elmsford; and South Westchester Executive Park at 7 Odell Plaza in Yonkers, according to the Commercial Observer.
The properties are occupied by approximately 300 tenants in a wide variety of industries including warehousing, transportation, mechanical, child care, health technologies and quantum computing research.
“This portfolio has continuously outperformed throughout multiple economic cycles,” says Timothy Jones, CEO of Robert Martin. “We continue to have strong conviction in this portfolio as well as the underlying fundamentals of this market.”
As part of the recapitalization, Westchester County-based Robert Main Co. entered into a joint venture with affiliates of New York City-based Dune Real Estate Partners to own and operate the portfolio.
“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,” says Daniel Neidich, CEO of Dune Real Estate Partners.
Robert Martin Co. LLC is a fully integrated real estate company that acquires, develops and manages investment properties. Dune Real Estate Partners is a real estate investment firm that focuses on distressed, value-add and contrarian investing. Dune also manages the Dune Real Estate Funds, which have raised approximately $4.3 billion of equity capital so far.
— Julia Sanders