JPM Provides $80M Refi for Yonkers Industrial Asset
Alfred Weissman Real Estate (AWRE) has landed a $80 million refinance for its 435,000-square-foot warehouse facility at 555 Tuckahoe Road in Yonkers, Commercial Observer has learned.
J.P. Morgan Asset Management provided the fixed-rate debt in a transaction arranged by Cushman & Wakefield (CWK)’s Gideon Gil, Zachary Kraft and Meredith Donovan.
“J.P. Morgan was able to strategize and underwrite with our client during the depths of the COVID-19 crisis to provide a customized financing solution,” Gil said. “Financing for high-quality industrial product with credit tenancy and quality sponsorship remains exceptionally strong. We are thrilled to further our client’s relationship with J.P. Morgan.”
AWRE acquired the asset in 1999. The Westchester, N.Y.-based firm focuses on opportunistic investments that are typically too small for large investors, and too large for small, independent investors. Its current portfolio includes hospitality, retail and office properties.
The new round of financing retires a $69 million bridge loan provided by Invesco in March 2019 and also arranged by the C&W team. Invesco’s loan equipped AWRE with flexible financing as the landlord re-tenanted the property; UPS has occupied the building since November 2019.
Conveniently located, 555 Tuckahoe Road offers accessibility throughout the New York Metro area with direct access to the New York State Thruway, New England Thruway,Cross Westchester Expressway, Bronx River Parkway, Saw Mill River Parkway, Sprain Brook Parkway and Hutchinson River Parkway.
COVID-19 has accelerated some trends that were already in motion before the pandemic took hold and significantly heightened industrial properties’ investor appeal. Only last month, Advance Realty Investors and Greek Development secured $104 million in construction financing from Wells Fargo and Provident Bank for two buildings in Logan North Industrial Park in New Jersey. C&W also negotiated the financing in that instance.
Officials at J.P. Morgan Asset Management declined to comment.