Northpath Secures $18M Refi for 2 Office Buildings
JLL arranged the loan through Centreville Bank.
2 & 4 Westchester Park Drive. Image courtesy of JLL
Northpath Investments has secured a $17.5 million refinancing loan for 2 and 4 Westchester Park Drive, two office buildings in White Plains, N.Y. JLL arranged the five-year, fixed-rate note through Centreville Bank.
Totaling 218,372 square feet, the assets are currently 86.5 percent leased and have a mix of both of traditional office and medical office tenants.
Northpath acquired the two buildings from Heritage Realty Services in a $20 million portfolio transaction in 2021, according to CommercialEdge data. Prime Finance Partners provided a $9.4 million acquisition loan, the same source shows.
The two five-story buildings underwent a cosmetic renovation in 2008. They feature 9,000 square feet of retail space, a fitness center, a conference center, a cafeteria, passenger elevators, on-site day care, bicycle parking, controlled access and approximately 682 parking spaces.
Located in the Westchester Avenue corridor, the properties provide easy access to interstates 287 and 87. The 2 and 4 Westchester Park Drive office buildings are situated in an area with newly built multifamily communities, several retail centers, dining options and entertainment venues.
Senior Managing Director Michael Klein, Director Max Custer and Analyst Benjamin Morgenthal led the JLL Capital Markets Debt Advisory team, working on behalf of the borrower.
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