Robert Martin Company and Dune Real Estate Partners have secured $500 million to refinance an industrial portfolio in Westchester County in New York State, a little over 30 miles away from Manhattan.
The deal applies to 42 assets and three parks, according to reporting from the Commercial Observer. The following properties in the 2.4 million square foot portfolio are involved in the transaction: Mid-Westchester Executive Park in Hawthorne, Cross Westchester Executive Park in Elmsford and South Westchester Executive Park in Yonkers.
The loan was originated by Starwood Property Trust, while JLL arranged the deal.
“The financing supports the sponsors’ continued value-creation strategy following their recapitalization of the portfolio in December 2021,” JLL's Peter Rotchford said in a statement, according to CO.
“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.”
A few years ago, Robert Martin recapitalized the portfolio for $455 million, according to Traded. The loan at the time was provided by Bank of America.
Robert Martin mainly operates in NYC's suburbs and manages more than six million square feet of properties. The asset classes include multifamily, office, industrial and retail.
As the industrial sector deals with already elevated vacancy, the tariff impact is creating a headache of unknowns. Adam Petrillo, executive managing director for Newmark’s Industrial Advisory Group, recently told GlobeSt that he has "some high degree of concern," about the full impact. He specifically noted that seaport markets stand to be hit the hardest by the tariffs, with those involved in everyday items like food and clothing feeling some pain too.
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