Capstone acquired a note secured by a 105,000 SF suburban office building located in Valhalla NY.
The property is a three-story steel frame suburban Class-B office building located near I-287 intersection.
Capstone obtained the deed to the property within six weeks of acquiring the note.
The property was 65.6% occupied at the time of acquisition with 340 available parking spaces.
The property underwent an extensive renovation in 2007-2008 with newly built features such as lobby, elevators, and partial renovated bathrooms and upper lobbies.
The building was renovated as follow:
HVAC energy management systems were upgraded
Vacant space, common areas, and lobbies were redesigned.
