Updated Oct 28, 2024
Robert Martin Company Secures $455M Refinance Loan For Westchester Industrial Portfolio With Bank Of America
2 Skyline Dr, Hawthorne, New York 10532, United States
$455,000,000
$175/SF
Building Size
2,600,000 SF
Asset Type
Industrial
Closing
Dec 29, 2021
About this deal
AI
A $455 million financing package has been secured for the recapitalization of an industrial portfolio in Westchester County, New York. The portfolio consists of properties located at 2 Skyline Drive, 7 Odell Plaza, and 100 Clearbrook Road, with a total square footage of 2,600,000. The assets are classified as industrial properties.
Summary of Transaction Details
- Property Type: Industrial
- Transaction Amount: $455,000,000
- Address: 2 Skyline Drive, 7 Odell Plaza, and 100 Clearbrook Road
- Market: Westchester County
The financing was provided by Bank of America. The landlords, Robert Martin Company and Dune Real Estate Partners, entered into a new joint venture to own and operate the properties as part of the recapitalization. The deal was facilitated by JLL Capital Markets, with brokers Michael Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford, and Tyler Peck representing the parties involved in the transaction.
Note: JLL Capital Markets arranged both debt and equity for the transaction, allowing Robert Martin Company and affiliates of Dune Real Estate Partners to move forward with their industrial portfolio in Westchester County.
On the Map
$455,000,000
$175/SF
Industrial
View full map
Players
Hawthorne Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
Loading comparables…
Deal FAQ
Visit Tyler Peck to view all their deals.
Browse New York industrial loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93