Prime Finance Lends $19M for Westchester County Office Acquisition
Northpath Investments purchased the property from Heritage Realty Services
By Andrew Coen February 9, 2021 2:06 pm
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Heritage Realty Services has closed on the sale of a suburban New York City complex to Northpath Investments, sources familiar with the project told Commercial Observer.
Northpath paid $20 million for two adjacent buildings at 2-4 Westchester Park Drive, White Plains in New York’s Westchester County, sources said. The deal marked New York City-based Northpath’s first acquisition since rebranding from its previous name, PAG Investments.
Prime Finance provided $18.77 million in acquisition financing for the purchase in a transaction arranged by Cushman & Wakefield.
C&W’s Kevin Donner, Adam Spies, Frank DiTommaso, David Bernhaut, Gary Gabriel, Andy Merin and Al Mirin represented Heritage in the sale.
John Alascio, Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Maya Steinberger secured the financing through Prime. C&W officials confirmed the financing but declined to comment on details surrounding the sale.
“We believe in the fundamentals of the Westchester market and have initiated a comprehensive rebrand and renovations of the common elements of the buildings,” Gershon Alexander, principal at Northpath, said.
Built in 1982, the 222,198-square-foot asset, known as 2-4 Westchester Park, is 63 percent leased. Its four largest tenants are Brain & Spine Surgeons of New York, Dorian Drake International, Informa Investment Solutions and Tortoise Investment Management.
The suburban property received $5.6 million in base building and aesthetic capital improvements. The investments included a fully renovated cafeteria, a state-of-the-art conference center, and upgraded common areas and restrooms.
Additional property amenities include an on-site Bright Horizons child care center and a new Life Time Fitness. Located next to the office buildings are a Wegmans supermarket and two new, large-scale, luxury residential developments totaling more than 870 units.
“This opportunity presented lenders both a strong and experienced sponsor and a best-in-class suburban office asset,” Alascio said. “The strength of the opportunity resonated with the lending community and allowed our team to run an extremely competitive marketing process.”
Officials for Heritage did not immediately respond to a request for comment.
