Westchester County lab & office properties financed with $18.2M loan

Westchester County lab & office properties financed with $18.2M loan

JLL Capital Markets led the financing efforts for 500 and 540 White Plains Road in Tarrytown, New York

MORRISTOWN, N.J., July 13, 2022 – JLL Capital Markets announced today that it has arranged $18.2 million in financing for 500 and 540 White Plains Rd., a two-building complex housing office and lab/R&D space in Tarrytown, Westchester County, New York.

JLL worked on behalf of the borrower, Northpath Investments, to secure the two-year bridge loan with multiple extension options through Prime Finance. 

500 and 540 White Plains Road are located within the Tarrytown Corporate Center in Westchester County. The 16-acre site has direct access to Interstates 87 and 287, the Mario M. Cuomo Bridge and the Tarrytown Train Station providing tremendous connectivity throughout the Tri-state region. In addition, the immediate area surrounding the properties are home to a host of retail, entertainment and hospitality amenities.

The properties consist of a 144,821-square-foot, five-story lab/R&D building at 500 White Plains Road that is near full occupancy with BASF as the primary tenant and a 128,339-square-foot, six-story office building at 540 White Plains Road that is primed for value-add repositioning.

“We are so excited about the opportunity to add BASF and Northwell Health to our portfolio of socially responsible, life science tenants,” said Gershon Alexander, Principal of Northpath Investments.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Director Max Custer.

“Coming out of the pandemic, we have seen a tremendous uptick in investor and tenant demand for lab and R&D space,” said Klein.  “Despite this, the borrower was able to secure the properties at a very attractive basis that will provide them with tremendous flexibility as they execute their business plan.”

“Prime Finance did an excellent job navigating a rather complex transaction,” added Custer. “They were able to quickly grasp the nuances related to financing a lab/R&D building and provided a very smooth closing process.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Northpath Investments is a privately held real estate investment firm headquartered in New York City. Northpath is focused on the acquisition, development, redevelopment, and management of retail, industrial, and office properties in the Northeast and Mid-Atlantic. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners, and the communities in which we work and live.