White Plains-based distress lender Downtown Capital Partners has acquired the 130,000-square-foot complex that was once the North American headquarters for the French company Danone.
According to a report in The Real Deal, Danone moved out of 100 Hillside Ave. in White Plains in 2019 and the property”™s $23 million commercial mortgage-backed securities loan fell into distress. Downtown Capital acquired the loan for $8.3 million earlier this year and entered into a deed-in-lieu of foreclosure that enabled it to take control of the property.
Downtown Capital Managing Director Brian O”™Flanagan said the company has hired CPG Architects to upgrade and renovate the property and surrounding space while it looks for a single tenant to lease space. Downtown Capital”™s carrying costs will be roughly $85 per square foot until a tenant is secured.
