Real Estate Weekly
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Debt & Equity

Sirius Realty receives $15M refinancing for former CVS headquarters

Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut regional office, arranged the $15 million refinance of One Theall Road in Rye, New York.

“The loan was placed with a regional bank that NorthMarq Capital originates and services for,” said Ranieri.

Jesse Krasnow along with Mark Cohen, of Riverbed Realty Advisors, represented the borrowers in the transaction.

The fixed rate 10-year loan features a free 60-day rate lock, flexible prepayment and does not require ongoing escrows.

The 65,000 s/f Class A medical office building is net leased to WESTMED Medical Group.

The building includes an on-site urgent care unit, an ambulatory surgery suite, a pharmacy and a tomography unit.

It was formerly the world headquarters for Melville Corporation, now known as CVS, and then served as the headquarters for Lillian Vernon.

Sirius Realty LLC paid $9.6 million for the 65,000 s/f property in 2006  and converted the use to medical/office for WESTMED.

WESTMED Medical Group is an expanding multi-specialty group practice with 317 physicians. Headquartered in Purchase, New York, WESTMED has six locations in central and lower Westchester County and three in Fairfield County.

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