RXR Caps Off Redeveloped White Plains Complex With Refi

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Fresh off finishing a prominent multifamily redevelopment in White Plains, Scott Rechler has 269 million reasons to celebrate.

RXR and partner Korman Communities landed $269 million to refinance the Hamilton Green complex at 5 and 25 Cottage Place in the Westchester County city, the Commercial Observer reported. Blackstone Real Estate Debt Strategies and Canyon Partners Real Estate provided the debt.

The developers completed the 477-unit project last year. Since then, they’ve fully leased the site, which once housed the White Plains Mall.

JLL‘s Michael Gigliotti and Kelly Gaines arranged the financing alongside Hudson Realty Capital’s Paul Patafio.

RXR came aboard to lead the first phase of the redevelopment five years ago. Amenities at the building include a fitness center, an indoor pool, a golf simulator, a dog wash and a resident service coordinator. It’s also within walking distance of the Metro-North train station.

With refinancing and leasing out of the way, Rechler can turn his attention back to 175 Park Avenue in New York City. Last month, RXR filed plans for the 175 Park supertall next to Grand Central Terminal, revealing a 95-story structure, a dozen stories taller than the previously reported 83-floor count.

The project, which will span nearly 3 million square feet, mostly dedicated to office space and hotel rooms, is expected to begin construction in the next few months.

RXR and partner TF Cornerstone are projecting the development to cost $6.5 billion, but they have not yet been awarded the $4.8 billion in federal loans they applied for and still need to secure an anchor tenant.

Elsewhere in White Plains, the foreclosure suit against Charles Cohen’s office complex at 333 Westchester Avenue was withdrawn after Cohen Brothers Realty reached an agreement with the lender, Union Labor Life Insurance Company, to pay back the loan at a later date.

— Holden Walter-Warner