JLL Capital Markets led the financing efforts for 2 and 4 Westchester Park Drive in New York
News release
27 June 2023
$17.5M refinancing secured for Westchester County office assets
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MORRISTOWN, N.J., Jun. 27, 2023 – JLL Capital Markets announced today that it has arranged a $17.5 million refinancing for 2 and 4 Westchester Park Drive, two office / medical office buildings totalling 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 / healthcare users. The five-story buildings offer ample surface parking, a recently renovated café, childcare 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 speciality 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northpath Investments
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. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners and the communities in which we work and live. To learn more, please visit: northpathinvestments.com.