Cornerstone Real Estate Advisers has provided a $95.2m loan to Keystone Property Group for the acquisition and upgrade of six office properties in Westchester, New York and Stamford, Connecticut.
A portion of the three-year, floating-rate loan will be used to fund upgrades to the properties, which Keystone acquired through a joint venture with Mack-Cali Realty Corporation for $91.5m.
The properties combine for more than 780,000 sq ft. They include the seven-story, 179,610 sq ft Soundview Plaza at 1266 East Main Street Stamford, Connecticut; three class A buildings at 555, 565 and 570 Taxter Road in Elmsford, New York totaling 422,422 sq ft; and Talleyrand Office Park, comprising two six-story, 89,000 sq ft buildings at 200 and 220 White Plains Road in Tarrytown, New York.
The properties are part of a larger portfolio deal that included five New Jersey office properties, which the two firms closed on earlier this year.
Bill Glazer, President of Keystone Property Group, in a written statement called the acquisitions part of the “strategic expansion of our regional footprint.”
“We look forward to executing on our reinvestment strategy for these assets to solidify their strong position in the marketplace,” he said.
In June the firms also bought the iconic Curtis Center office building at 601 Walnut Street in Philadelphia’s Center City for a reported $125m.
HFF’s debt placement team arranged the $95.2m loan.