Northpath Secures Refinancing Deal For White Plains Office Buildings
Real Estate In-Depth | July 5, 2023
WHITE PLAINS—JLL Capital Markets announced on June 27 that it arranged a $17.5-million refinancing for 2 and 4 Westchester Park Drive, two office / medical office buildings totaling 218,372 square feet in White Plains.
JLL worked on behalf of the borrower, New York City-based Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.
The 2 and 4 Westchester Park Drive properties are 86.5% occupied and home to a variety of traditional office tenants and medical office / healthcare users. The five-story buildings offer ample surface parking, a recently renovated café, childcare center and state-of-the-art conference center, JLL officials stated.
The property sits within the Westchester Avenue corridor, which is one of the area’s primary office submarkets providing excellent access to Interstates 287 and 87 as well as the Westchester County Airport. Additionally, 2 and 4 Westchester Park Drive are two miles from Downtown White Plains and surrounded by a vast amenity base including several newly built multifamily communities, a LifeTime Fitness, Wegmans and a newly constructed pediatric specialty care center.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Michael Klein, Director Max Custer and Analyst Benjamin Morgenthal.
“We are pleased to have assisted Northpath in arranging this refinance with Centreville Bank,” said Custer. “While the office market has experienced its challenges, 2 & 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.”
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. According to the company’s website, the firm also owns in Westchester County 500 and 540 White Plains Road in Tarrytown, which total 150,538 square feet and 125,882 square feet of office space respectively.