ULLICO Provides $35M Refi for Westchester Office Property
By Cathy Cunningham November 4, 2019 3:19 pm
reprints
The RPW Group has landed a $34.9 million refinance for its office property at 450 Mamaroneck Avenue in Harrison, N.Y., Commercial Observer has learned.
ULLICO provided the seven-year, fixed-rate loan in a deal negotiated by Cooper-Horowitz’s Richard Horowitz and Justin Horowitz. ULLICO was represented by Northeast Regional Manager Kevin Smith.
The financing replaces previous debt on the property, also provided by ULLICO.
The property is a four-story, 176,649-square-foot office building in the heart of Westchester County. RPW purchased the asset in May 2011 and has since upgraded it to a Class A property that is 100 percent occupied. Its amenities include onsite security, a child care center and a cafeteria.
Earlier this month, RPW — headed by Robert and Andrew Weisz — expanded its Westchester portfolio with the $36 million acquisition of 100 Manhattanville Road, a Class A office complex in Westchester County, N.Y., as first reported by CO. Cooper-Horowitz also negotiated the acquisition debt for that purchase.
“We own more than 2 million square feet in Westchester,” Robert Weisz told CO at the time of the purchase. “This is a terrific building and a wonderful addition to our portfolio.”
RPW has purchased and repositioned more than 6 million square feet of office and retail space in New Jersey, Fairfield County and Westchester County. Its Manhattan properties include 240 West 35th Street and 275 Madison Avenue; ULLICO provided a $210 million refinance for the latter in July 2018.
Officials at RPW Group and ULLICO weren’t immediately available for comment. Cooper-Horowitz officials declined to comment.
