Holliday Fenoglio Fowler announced that it arranged $400.6 million financing for the Robert Martin Company acquisition of Mack-Cali’s Westchester industrial portfolio.
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 56-building light industrial portfolio totals 3.1 million square feet 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.
Over the last 20 years, the portfolio has maintained consistent occupancy of over 90 percent.
HFF said in a press release it believes 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. “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,” said Mike Tepedino, the HFF executive director who led a debt placement team that included Peter Rotchford, Scott Findlay and Jackie Ferrer.
