2 and 4 Westchester Park Drive in White Plains, New York — Courtesy: JLL
By Joshua Burd
The owner of two office buildings in New York’s Westchester County has refinanced the assets for $17.5 million, in a deal arranged by JLL’s Morristown-based capital markets team.
According to the brokers, Centreville Bank provided the five-year, fixed-rate loan in connection with 2 and 4 Westchester Park Drive in White Plains. They noted that the 218,372-square-foot portfolio is 86.5 percent occupied and home to a mix of traditional office tenants and medical office or health care users, offering surface parking, a renovated café, a childcare center and a modern conference center.
JLL Senior Managing Director Michael Klein, Director Max Custer and Analyst Benjamin Morgenthal led the team representing the borrower, Northpath Investments.
“We are pleased to have assisted Northpath in arranging this refinance with Centreville Bank,” Custer said. “While the office market has experienced its challenges, 2 and 4 Westchester Park Drive has demonstrated excellent resiliency thanks to a carefully curated tenant mix and an outstanding location that provides for efficient accessibility for employees, patients and clients alike.”
In a news release, JLL noted that the property sits within the Westchester Avenue corridor and in one of the area’s primary office submarkets, which has easy access to interstates 287 and 87 as well as the Westchester County Airport. The portfolio is also two miles from downtown White Plains and surrounded by a vast amenity base including several new apartments, a LifeTime Fitness, Wegmans and a newly built pediatric specialty care center.
