Cushman & Wakefield served as the exclusive adviser to Alfred Weissman Real Estate, LLC in the procurement of $80,000,000 for the refinancing of 555 Tuckahoe Road, a 435,000 s/f warehouse facility in Yonkers leased to UPS.
The fixed-rate loan was provided by JP Morgan Asset Management on behalf of one or more investors.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Zachary Kraft and Meredith Donovan represented the borrower.
“JP Morgan was able to strategize and underwrite with our Client during the depths of the COVID-19 crisis to provide a customized financing solution,” said Gideon Gil.
“Financing for high-quality industrial product with credit tenancy and quality sponsorship remains exceptionally strong. We are thrilled to further our Client’s relationship with JP Morgan.”
Weissman leased the facility to UPS in January, 2020, in one of the largest commercial lease transactions in Westchester County in recent memory,
The facility was formerly occupied by POP Displays, a manufacturing company that moved its operations to Georgia.
UPS announced it would renovate the space for its distribution operations serving Yonkers and surrounding communities.
The building was acquired by Alfred Weissman Real Estate in 1999 from Saks Fifth Avenue which had used the facility for distribution to its stores. Prior to Saks, the building was occupied by Western Electric.