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PRESS RELEASE: Mark Scott's Commercial Mortgage Capital Secures $23.35M First Mortgage Loan for iPark Hudson Building

LIVINGSTON, N.J. – Mark Scott’s Commercial Mortgage Capital (CMC), a leader in real estate finance that arranges permanent, construction and mezzanine loans for a wide range of commercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Connecticut, announced that it recently closed a $23.25-million first mortgage loan for a 178,150-square-foot office and industrial building located in Downtown Yonkers.

The four-story building is located within the iPark Hudson Business Park, which is a 97.7%-occupied, 24-acre technology and office campus situated strategically within the center of the Yonkers Waterfront District. Located directly by the Yonkers Train Station, iPark Hudson contains nearly 800,000 square feet of space allocated across eight newly renovated buildings, which includes a newly constructed 300-space parking facility. 

The property’s impressive tenant list includes Kawasaki Rail Car (KRC), which occupies 68,400 square feet and is part of Kawasaki Heavy Industries, Ltd., one of the largest companies in the world. KRC engages in designing, manufacturing and delivering passenger rail cars for the mass transportation market in the U.S. Medical product provider Skil-Care Corporation also houses its 55,000-square-foot headquarters at the building. In addition, Mindspark Interactive Network, Inc., which operates as a subsidiary of IAC/InterActiveCorp, a Barry Diller company, is currently building out the fourth floor for its recently executed 10-year, 36,750-square-foot lease.

As part of the overall iPark Hudson Business Park, the City of Yonkers invested approximately $25 million toward the redevelopment of Van Der Donck Park, otherwise known as the Daylighting project, which was completed and opened in September 2012. The Van Der Donck Park project created a riverfront walkway running along the Saw Mill River and Larkin Plaza. In addition, the Metro-North railway, which was renovated in 2004 at a cost of $43 million, and the Yonkers Public Library, which received a $55-million renovation in 2000 for the conversion of an historic Otis Elevator building, are both located directly west of the property - providing convenient access to the area’s amenities and transportation.

TAGS: Lending