A special servicer of commercial mortgages has taken title to Briarcliff Corporate Campus in Briarcliff Manor from a Stamford, Conn. developer.
Core Plus Properties L.L.C., the former owner of the office park at 555 Pleasantville Road, owed approximately $19,675,000 on the property, Westchester County land records indicate, when it was deeded last month to an entity of C-III Asset Management L.L.C. in Irving, Texas.
The president of C-III Asset Management did not respond to a request for comment on the deal. A subsidiary of C-III Capital Partners L.L.C., the asset management firm is special servicer on more than $130 billion in commercial real estate loans.
Core Plus in early 2005 acquired the 110,600-square-foot office property on 15 acres for $20.6 million from Westchester landlord and developer Robert P. Weisz. In 2006, the owner secured an approximately $7.56 million mortgage with Deutsche Bank Mortgage Capital L.L.C.
The Briarcliff campus”™ anchor tenant is USI Holdings Corp.
In the same year that it closed on its Briarcliff Manor purchase, Core Plus Properties paid $27.3 million for 120 Bloomingdale Road in White Plains, an approximately 146,000-square-foot office building anchored by the state Department of Labor.
White Plains city officials in 2008 approved the Stamford company”™s plans to redevelop part of the property for boutique retail stores and restaurants before the credit crisis and recession halted development projects throughout the county.
Core Plus owed about $20.4 million on the Bloomingdale Road property when it was deeded in 2010 to another Texas-based special servicer of commercial mortgage-backed securitized loans. The property was sold for $10.5 million in 2012 to partners at Caspi Development Co. in Purchase and Faros Properties in New York City and Boston.
