REAL ESTATE: Invesco Provides $69 Million In Bridge Financing for Yonkers Industrial Property After Taxpayer Funded POP Displays USA Says Its Leaving Yonkers

Invesco Real Estate has originated a $69 million floating-rate loan to refinance 555 Tuckahoe Road—a 435,000-square-foot Class-B industrial building—in Yonkers, N.Y.

Cushman & Wakefield’s Gideon Gil and Zachary Kraft negotiated the debt on behalf of Westchester-based developer Alfred Weissman Real Estate (AWRE).  

Invesco Senior Directors Yorick Starr and Bert Crouch led the financing.

Harrison based AWRE acquired the asset in 1999, leasing it under a long-term, triple-net-lease. Invesco’s refinance acts as a bridge loan to accommodate a new tenant that will occupy the property at the end of this year.

“We are excited to begin a relationship with AWRE,” Starr said. “This loan underscores our solutions-oriented approach whereby we quickly provided AWRE with a flexible and accretive loan to manage through the re-tenanting of the property.”

AWRE focuses on opportunistic investments that are typically too small for large investors, and too large for small, independent investors. Its portfolio includes hospitality, retail and office properties.

AWRE was able to take advantage of the competitive market to replace the existing debt on 555 Tuckahoe Road.

Sustained high demand for industrial product in the New York Metro area led AWRE to a quick rental of the property soon to vacated by POP Displays USA

AWRE focuses on opportunistic investments that are typically too small for large investors, and too large for small, independent investors. Its portfolio includes hospitality, retail and office properties