NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $4.08 million in financing for a 79,532-square-foot industrial facility at 535 Old Tarrytown Road in White Plains, New York.
HFF senior managing director Al Epstein (top right photo) worked exclusively on behalf of the borrower, Phoenix White Plains, LLC, in arranging the financing through Valley Bank. New financing was needed as the former loan on the property was expiring and the mortgage lender no longer had an active loan program. Phoenix White Plains is affiliated with Phoenix Realty Management, a Connecticut-based commercial real estate operating company.
“The lender was comfortable with the tenant, New Castle, which had a long history and a proven track record even in more difficult times. It also liked the property’s location, close to an entrance of Interstate 287,” said Epstein.
535 Old Tarrytown Road is situated one quarter mile from exit four of the Cross Westchester Expressway (Interstate 287) and one exit from the Sprain Brook Parkway. The property has been the long-term home of New Castle Building Supply and features offices, a distribution-warehouse and a retail store. New Castle has additional facilities in The Bronx, Connecticut and Massachusetts.
Contacts:
Alvin J. Epstein, HFF Senior Managing Director, (212) 245-2425, aepstein@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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