By Joshua Burd
G.S. Wilcox & Co. has arranged more than $25 million in financing for the development of a future Lowe’s Home Improvement warehouse in New York’s Westchester County.
In a news release, the Morristown-based firm said it secured the loan with a two-year construction period and a 20-year term thereafter for the project at Yorktown, New York. G.S. Wilcox said the site, located at the intersection of the Taconic State Parkway and Route 202, has a 20-year ground lease.
G.S. Wilcox Principal David Fryer arranged the financing. The firm noted that the structure included an extended amortization period beyond the initial lease term without the use of residual value insurance.
“The site’s attractive location along the Taconic State Parkway combined with the credit worthiness of Lowe’s made this an extremely attractive opportunity for the lender and advantageous for the borrower who was able to lock the rate prior to the recent run up in treasuries,” Fryer said in a prepared statement.
The property has three additional pad sites that were left unencumbered, allowing the borrower to lease those to tenants and secure necessary financing, the news release said.