The Exchange comprises 12 suburban low- and mid-rise commercial office buildings spread across four business parks along Interstate 287 near White Plains. Normandy has invested more than $11 million in capital upgrades throughout the portfolio in an effort to stabilize the assets.
As a result of its efforts to enhance the working environments at The Exchange, Normandy has been able to increase occupancy across the portfolio adding nearly 150,000 square feet of new leases in 2013 alone, according to Daniel Tanner, who originated the financing out of the portfolio lender’s New York City office.
“The economic downturn hit the Westchester County office market particularly hard,” said Tanner. “However, the market is showing steady improvement as the submarket reinvents itself, which is reflected in the increase in both net absorption and asking rental rates.”
“Normandy has done an excellent job in upgrading the portfolio during its ownership and of creating a significant amount of leasing momentum,” Tanner added. “Our financing with help them execute the remainder of their business plan and stabilize the portfolio.”
A portion of the loan proceeds will go to a targeted leasing campaign, which will be implemented on an asset-by-asset basis, as well as to allow the sponsor to continue to selectively upgrade the properties.
The financing was arranged by Eastdil Secured.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com)