Ullico leads $120 million loan for White Plains garage

Ullico has closed a $120 million construction loan as lead lender for a 1,950-space parking garage in White Plains, New York. First Citizen is participating in 50% of the loan.

The financing is provided through The Union Labor Life Insurance Company’s Separate Account J, known as “J for Jobs,” and requires all construction to use union labor.

The garage will connect to White Plains Hospital, which will lease it under a long-term agreement. The construction loan has a 36-month term and a floating rate over SOFR. The borrower is a single-purpose entity wholly owned by developer Louis Cappelli.

J for Jobs has participated in financing more than 600 real estate projects nationwide, totaling over $22 billion, since its launch in 1977.

Ullico provides insurance and investment products for labor organizations, union employers, institutional investors and union members.