Bank of America Lends $455M on Westchester Industrial Recap
Robert Martin Company has inked a $455 million financing package to recapitalize an industrial portfolio in Westchester County, Commercial has learned.
Bank of America supplied the floating-rate, non-recourse loan for Robert Martin’s 45-property portfolio totaling 2.6 million square feet across three industrial parks. As part of the recap, Robert Martin entered into a new joint venture with affiliates of Dune Real Estate Partners to own and operate the assets.
“This portfolio has continuously outperformed throughout multiple economic cycles,” Timothy Jones, CEO of Robert Martin, said in a statement. “We continue to have strong conviction in this portfolio as well as the underlying fundamentals of this market.”
JLL’s Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck arranged the transaction.
The portfolio includes Mid Westchester Executive Park on 2 Skyline Drive in Hawthorne, N.Y., South Westchester Executive Park on 7 Odell Plaza in Yonkers and Cross Westchester Executive Park on 100 Clearbrook Road in Elmsford.
“We are excited about our joint venture with Robert Martin, a partner with a strong track record within Westchester’s industrial market,” Daniel M. Neidich, CEO of Dune, said in a statement. “The Westchester portfolio is well-positioned to capture strong tenant and investor demand for industrial assets in irreplaceable locations within the supply-constrained New York metroplex.”
Bank of America declined to comment.
Andrew Coen can be reached at firstname.lastname@example.org.