MORRISTOWN, N.J., Jun. 27, 2023 - JLL Capital Markets announced today that it has arranged a $17.5 million refinancing for 2 and 4 Westchester Park Drive, two office / medical office buildings totalling 218,372 square feet in White Plains, New York.
JLL worked on behalf of the borrower, Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.
2 and 4 Westchester Park Drive is 86.5% occupied and home to a variety of traditional office tenants and medical office / healthcare users. The five-story buildings offer ample surface parking, a recently renovated café, childcare center and state-of-the-art conference center.
The property sits within the Westchester Avenue corridor, which is one of the area's primary office submarkets providing excellent access to Interstates 287 and 87 as well as the Westchester County Airport. Additionally, 2 and 4 Westchester Park Drive is two miles from downtown White Plains 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."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 27 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2023 10:28:22 UTC.
