NEW YORK CITY — Mesa West Capital has provided $119 million in first-mortgage debt to a joint venture led by New Jersey-based Normandy Real Estate Partners. The joint venture plans to use the funds to recapitalize The Exchange, a 1.4 million-square-foot office portfolio located in Westchester County. The Exchange includes 12 suburban low- and mid-rise office buildings spread across four business parks along Interstate 287 near White Plains. Normandy has invested more than $11 million in capital upgrades throughout the portfolio in an effort to stabilize the assets. A portion of the loan proceeds will go to a targeted leasing campaign, which will be implemented on an asset-by-asset basis, as well as to allow the sponsor to continue to selectively upgrade the properties. Eastdil Secured arranged the financing.
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