Phase-two planning kicks off at $500M development in Hyde Park
A team from commercial brokerage HFF arranged $400.6 million in financing for the sale of a 56-building office and residential portfolio in Westchester and Fairfield counties, the Daily Voice Plus reported. In March, Jersey City-based real estate investment trust Mack-Cali Realty announced a $487.5 million deal to unload its properties in both counties to an affiliate of the Robert Martin Company, as previously noted by The Real Deal. Among buildings in the portfolio sold by Mack-Cali are the Cross Westchester Executive Park in Elmsford, the Stamford Executive Park in Stamford, the Mid-Westchester Executive Park in Hawthorne and the South Westchester Executive Park in Yonkers. Mack-Cali has been unloading properties in Westchester and Fairfield in an effort to refocus on its investments in New Jersey. The REIT, under fire this week from an activist investor, recently closed on its $263.8 million acquisition of Jersey City’s Soho Lofts. As for HFF, it’s poised to be absorbed into Chicago-based rival JLL in a $2 billion transaction. [DVP]