Starwood offers $ 500 million to Refi Westchester Industrial Properties

Starwood Property Trust from Barry Sternlicht again plays an important role in the industrial market, this time as a lender.

Starwood Lent $ 500 million to Dune Real Estate Partners and Robert Martin Company to refinance the 42-ASCHET industrial portfolio of the partnership in Westchester County in New York, the commercial observer reported. The portfolio comprises 2.4 million square feet in the Adjacent market in New York City.

The loan follows a re -capitalization of $ 455 million from the portfolio four years ago from Bank of America, which also brought the Dune branch in the fold. A JLL Capital Markets team including Christopher Peck, Peter Runkford and Christopher Pratt arranged the loan.

None of the three parties involved directly in the deal responded to requests for comments from the outlet, although Runkford said in a statement that the properties “remarkable resilience by multiple economic cycles” demonstrated and that he anticipated “continuous outperformance”.

“The financing supports the continuous strategy for creating the sponsors after their recapitalization of the portfolio in December 2021,” said Rotchford.

Features include the Mid-Westchester Executive Park in Hawthorne, South Westchester Executive Park in Yonkers and Cross Westchester Executive Park in Elmsford.

Sternicht and its various entities are not away from the industrial market. A few months ago, Starwood Capital Group bought a portfolio of 38 units from Last-Mijl warehouses from Goldman Sachs and Dalfen Industrial for $ 685 million.

The company of Sternlicht also collaborated with Onyx shares to acquire a 10-property sport folio of light industrial assets near John F. Kennedy International Airport for $ 146 million in 2023. That deal is supposed to represent a record at that time for the most expensive industrial portfeuilleverkerkoop.

At the end of the second quarter, 2.2 million square feet of industrial space was available for lease, according to one market report from Lincoln Property Company. The weighted average early rent was just shy of $ 25 per square foot. Holden Walter-Warner