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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $28 Million Acquisition Financing for Westchester County Office Building |
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Wednesday, October 22, 2008
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Tarrytown, NY
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Contact: Jessica Forman, Quinn & Co., 212.868.1900 x246, jforman@quinnandco.com
Lenders Now Attracted to Smaller Deals in Tight Credit Market
New York (date) – Cushman & Wakefield Sonnenblick Goldman, as exclusive advisor to Juster Development Company, has arranged the $28 million acquisition financing for 100 & 120 White Plains Road in Tarrytown, N.Y. Guardian Life Insurance Company provided the fixed-rate mortgage.
Built in 1984 and known as the Christiana Building, 120 White Plains Road is a Class A, six-story, 203,739-square-foot office building set on nine acres of beautifully landscaped grounds. 100 White Plains Road is a four-story, colonial-style mansion that was originally constructed in 1927 as a residential home and converted to an office building in the early nineties. It contains approximately 6,000 square feet and is a one-of-a-kind leasing opportunity for a smaller corporate user. The buildings are approximately 98 percent leased.
The buildings are located less than a half mile from Interstate 287 and offer easy access to downtown White Plains, Manhattan and Greenwich.
“Although the credit markets are – for the most part – at a stand still, deals are getting done,” said Steve Kohn, president and principal of Cushman & Wakefield Sonnenblick Goldman. “However, we’re no longer seeing large transactions, but instead we’re now seeing lenders gravitating towards smaller deals.”
Kohn, along with Alexander Hernandez, senior director, and Chris Moyer, analyst, arranged the transaction on behalf of Juster Development Company.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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