NorthMarq Capital arranges $15 million refinance of class “A” medical office building in Rye, New York

GREATER WESTCHESTER (March 9, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut based 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 sq. ft. 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 subsequently served as the headquarters for Lillian Vernon. The existing ownership purchased the building vacant in 2006 and converted the use to medical/office for WESTMED. WESTMED Medical Group is a large 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.