Westchester County Office-Lab Complex Secures $18M Financing Deal
Real Estate In-Depth | July 13, 2022
TARRYTOWN—Northpath Investments, the owner of the two-building office lab/R&D complex at 500 and 540 White Plains Road in Tarrytown, has secured $18.2 million in financing.
JLL Capital Markets arranged the financing—a 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, JLL Capital noted.
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.”