Starwood Lends $500M for Westchester County Industrial Assets

A joint venture between affiliates of Dune Real Estate Partners and the Robert Martin Company has sealed a $500 million loan to refinance 42 industrial properties in New York’s Westchester County, Commercial Observer can first report.

Starwood Property Trust originated the loan for the portfolio, which spans 2.4 million square feet across three industrial parks. The loan closed nearly four years after Robert Martin Company landed a $455 million recapitalization for the industrial assets from Bank of America that also involved entering a new joint venture with affiliates of Dune, CO first reported at the time.

JLL arranged the transaction with a capital markets team led by Christopher Peck, Peter Rotchford, Christopher Pratt, Andrew Scandalios and Tyler Peck.

“The financing supports the sponsors’ continued value-creation strategy following their recapitalization of the portfolio in December 2021,” Rotchford said in a statement. “With these properties demonstrating remarkable resilience through multiple economic cycles, combined with benefiting from Westchester County’s severe supply constraints and premium demographics, we expect continued outperformance.” 

The New York portfolio features Mid-Westchester Executive Park at 7 Skyline Drive in Hawthorne, South Westchester Executive Park at 7 Odell Plaza in Yonkers and Cross Westchester Executive Park at 100 Clearbrook Road in Elmsford.

Officials at Starwood, Dune and the Robert Martin Company did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.