NEW YORK — H2C Securities Inc. (“H2C”), a healthcare-focused strategic advisory firm, served as advisor to Summit Development LLC (“Ownership”) on the monetization of The Medical Offices at Chappaqua Crossing (the “Property”).
In a transaction led by H2C Executive Director Matthew Tarpley, the Property sold for $40.0 Million.
The ±490,000-square foot Property, which originally served as the Global Headquarters for Reader’s Digest, had been redeveloped to majority-medical office use as part of a larger mixed-use repositioning of a 114-acre campus since Ownership’s acquisition in 2004. The Property, which is anchored by Northern Westchester Hospital [Northwell Health] and CareMount Medical, features 12 additional tenants and is located directly off the Saw Mill River Parkway in the Hamlet of Chappaqua.
H2C and Matthew we’re great to work with. He quicky highlighted the remaining upside of our project to a value add buyer in the Atkins and Denholtz team who will finish what we started so many years ago, said Felix Charney, Founder, CEO, President and Principal of Summit Development LLC.
“It was important to secure an investor who would appreciate the value that had been created by Ownership and the campus as a whole, while understanding the unique qualities of the asset and its location that would position the asset for long-term value appreciation,” said Matthew Tarpley Email Matthew.
About Summit Development LLC
Summit Development LLC is a privately held full-service real estate investment, development and management company. Headquartered in Southport, CT, with offices in Danbury, CT, Chappaqua, NY and Tavernier, FL, the Company focuses on value-added development by redeveloping and repositioning undervalued assets. Founded by Felix T. Charney, in 1982. Summit over the last 41 years has completed 104 projects in three states representing 8,000,000 SF.
About H2C Securities Inc. (“H2C”) & H2C Real Estate Investment Banking Practice
H2C is a strategic advisory and investment banking firm committed to providing superior advice to healthcare organizations, higher education institutions, and related organizations throughout the United States. H2C’s professionals have a long track record of success in mergers and acquisitions, capital markets, and real estate transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value.
For more than 20 years, the real estate investment banking professionals at H2C have successfully served as advisors on real estate transactions in excess of $17.0 billion nationwide. For more information on our real estate advisory group, please contact one of the H2C professionals or visit our website at h2c.com.
Securities and services offered through H2C Securities Inc., member FINRA/SIPC, a registered broker-dealer and an indirect subsidiary of Fifth Third Bank, National Association. All rights reserved. Securities and services offered through H2C Securities Inc.: Are Not FDIC Insured; Offer No Bank Guarantee; May Lose Value; Are Not Insured by any Federal Government Agency; Are Not a Deposit.
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