JLL Capital Markets on Tuesday said 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, New York.
JLL worked on behalf of the borrower, Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.
2 and 4 Westchester Park Drive is 86.5% occupied and home to a variety of traditional office tenants and medical office/health care users. The five-story buildings offer ample surface parking, a recently renovated café, child care center and state-of-the-art conference center.
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 is 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,” Custer said. “While the office market has experienced its challenges, 2 and 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.”
