ULLICO Provides $30M Refi for White Plains Office Pair
By Cathy Cunningham March 7, 2019 8:30 am
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RPW Group has scored a $30 million refinance for two Class-A office properties in White Plains, N.Y., Commercial Observer has learned.
ULLICO provided the 5-year loan for the office pair, located at 925 Westchester Avenue and 1025 Westchester Avenue. The loan was originated out of ULLICO’s New York office.
Cooper-Horowitz’s Richard Horowitz and Justin Horowitz negotiated the debt.
Robert Weisz’s RPW acquired the assets in May 2018, paying $16 million. Since the purchase, RPW has made roughly $5 million in capital improvements, including the addition of new lobbies at both properties as well as fitness centers and conference rooms, sources said.
The four-story, 94,654-square-foot building at 925 Westchester Avenue was constructed in 1977 and is currently 78 percent leased. The four-story, 97,223-square-foot property at 1025 Westchester Avenue was also erected in 1977 and is 86 percent occupied.
ULLICO also teamed up with RPW last July, providing a $210 million, 10-year refinance for its office property 275 Madison Avenue, as first reported by CO. Cooper-Horowitz also arranged the financing for that transaction.
Officials at RPW did not return a request for comment. Officials at ULLICO and Cooper-Horowitz declined to comment.
