Cornerstone Lends $92.5M on Office Portfolio
Guelda Voien Aug. 28, 2014, 5:47 p.m.
Cornerstone Real Estate Advisers, a subsidiary of Massachusetts Mutual Life Company, lent $92.5 million to Pennsylvania-based real estate investor and manager Keystone Property Group, according to a press release from brokerage HFF, which arranged the deal.
Keystone will use the proceeds of the three-year, floating-rate loan to upgrade several Connecticut and Westchester County, N.Y. office properties it recently acquired in a J.V. with Mack-Cali Realty Corporation.
The six office properties include Soundview Plaza, located at 1266 East Main Street in Stamford; 555, 565 and 570 Taxter Road in Elmsford, New York; and Talleyrand Office Park, at 200 and 220 White Plains Road in Tarrytown, N.Y.
HFF Senior Managing Director Jon Mikula, Managing Director Jim Cadranell and Associate Director Andy Roland worked on the deal.
“HFF is proud to have played a role in Keystone and Mack-Cali’s strategic vision for these well-located buildings,” Mr. Mikula said in the press release.