Invesco Provides $69M Bridge Financing for Yonkers Industrial Property
By Cathy Cunningham March 11, 2019 9:00 am
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Invesco Real Estate has originated a $69 million floating-rate loan to refinance 555 Tuckahoe Road—a 435,000-square-foot Class-B industrial building—in Yonkers, N.Y., Commercial Observer can first report.
Cushman & Wakefield’s Gideon Gil and Zachary Kraft negotiated the debt on behalf of Westchester-based developer Alfred Weissman Real Estate (AWRE).
Invesco Senior Directors Yorick Starr and Bert Crouch led the financing.
Harrison, N.Y.-based AWRE acquired the asset in 1999, leasing it under a long-term, triple-net-lease. Invesco’s refinance acts as a bridge loan to accommodate a new tenant that will occupy the property at the end of this year.
“We are excited to begin a relationship with AWRE,” Starr said. “This loan underscores our solutions-oriented approach whereby we quickly provided AWRE with a flexible and accretive loan to manage through the re-tenanting of the property.”
AWRE focuses on opportunistic investments that are typically too small for large investors, and too large for small, independent investors. Its portfolio includes hospitality, retail and office properties.
“It has been a smooth process from our first meeting with Invesco to closing,” AWRE CEO Alan Weissman said in prepared remarks. “Thanks to the Invesco team’s professionalism and experience, we were able to close a very complex transaction in under six weeks.”
“AWRE was able to take advantage of the competitive market to replace the existing debt on 555 Tuckahoe Road,” Gil said. “Sustained high demand for industrial product in the New York Metro area, coupled with our client’s ability to create value at the property, led to a targeted but competitive marketing process. Invesco was quickly able to understand AWRE’s needs, and we couldn’t be happier with the execution from all parties involved.”
Invesco is having a busy March. Only last week, it originated a $349 million refinance for KBS Capital Advisors and Savanna’s 110 William Street in the Financial District.
