ULLICO Provides $30M Refi for White Plains Office Pair
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.
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.