NEW YORK–Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged $400.6 million in acquisition financing for a 56-building light industrial portfolio totaling approximately 3.1 million square feet in Westchester County, New York, and Fairfield County, Connecticut.
HFF worked on behalf of the borrower, a joint venture partnership managed by Robert Martin Company, to place the floating-rate loan with Bank of America.
The portfolio comprises three light industrial parks in Westchester County, including Cross Westchester Executive Park (CWEP), Mid-Westchester Executive Park (MWEP) and South Westchester Executive Park (SWEP), along with Stamford Executive Park (SEP) in Connecticut. The properties are positioned in the New York metro area with convenient access to major roadways, including Interstates 287 and 95, and the Saw Mill and Sprain Brook Parkways. Over the last 20 years, the portfolio has maintained consistent occupancy of over 90%, demonstrating the robust demand for light industrial space in the market. The portfolio will continue to benefit from increased industrial demand in markets that have notoriously difficult entitlement processes and extreme scarcities of developable land, limiting new supply.
The HFF debt placement team representing the borrower was led by executive managing director Mike Tepedino, senior director Peter Rotchford, director Scott Findlay and senior associate Jackie Ferrer.
“We were privileged to assist Robert Martin Company in the financing of its acquisition of these assets, which represent some of the best located industrial assets in Westchester and Fairfield Counties,” Tepedino said.