Barry Sternlicht’s Starwood Property Trust has provided a $500 million loan to Dune Real Estate Partners and Robert Martin Company for the refinancing of their 42-property industrial portfolio in Westchester County, New York. The portfolio comprises 2.4 million square feet in an area adjacent to New York City.
This financing follows a previous $455 million recapitalization from Bank of America four years ago, which also involved bringing in a Dune affiliate. JLL Capital Markets arranged the new loan, with Christopher Peck, Peter Rotchford, and Christopher Pratt leading the team.
While representatives from Starwood, Dune Real Estate Partners, and Robert Martin Company did not respond to requests for comment, Peter Rotchford stated that the properties had shown “remarkable resilience through multiple economic cycles” and anticipated “continued outperformance.” He added: “The financing supports the sponsors’ continued value-creation strategy following their recapitalization of the portfolio in December 2021.”
Key assets within the portfolio include Mid-Westchester Executive Park in Hawthorne, South Westchester Executive Park in Yonkers, and Cross Westchester Executive Park in Elmsford.
Starwood entities have remained active within the industrial sector. Earlier this year, Starwood Capital Group acquired a 38-unit last-mile warehouse portfolio from Goldman Sachs and Dalfen Industrial for $685 million. In 2023, Sternlicht’s firm partnered with Onyx Equities to purchase a 10-property light industrial asset portfolio near John F. Kennedy International Airport for $146 million—a transaction believed to set a record at that time for Long Island’s most expensive industrial portfolio sale.
According to Lincoln Property Company’s market report at the end of Q2 2025, there were approximately 2.2 million square feet of industrial space available for lease in Westchester County with an average asking rent just under $25 per square foot.
